Why Do People File Bankruptcy?

Josh Lawhorn Mississippi Bankruptcy AttorneyThere are many misconceptions about bankruptcy. It is quite common for individuals to believe that they alone are at fault for their financial problems. However, the majority of the time the individual seeking bankruptcy protection was put in the position at little or no fault of their own.

Medical Debts

Studies have shown that medical expenses are the primary cause of bankruptcy filings. A study performed in 2009 by Harvard University concluded that 62% of all personal bankruptcies resulted from medical bills. The study also stated that over 70% of these individuals had some sort of medical insurance.

Job Loss

The next leading cause of bankruptcy filings is job loss. Once you lose a primary source of income in your household, it is extremely difficult and usually impossible to keep your bills current. Many people lose employment without much notice and therefore have no chance to prepare for the sudden loss of income.

Divorce

Another leading cause of bankruptcy filings is divorce. After spending a period of time budgeting for a family, the split in income and expenses can be crippling. The costs that come with divorce are also unexpected and can cause people to fall behind on other bills.

Regardless of the reason for your financial difficulties, it is imperative to fully understand what your options are. A meeting with one of our experienced attorneys will not only help you acquire a clear perspective of how to conquer your debt problems, it can also help relieve the burden that you are wrongfully placing solely on your shoulders. Please call our office nearest you to set up a free consultation today.

 

Related Articles

Share This Page

Bond & Botes Law Offices

At Bond & Botes, we now offer full service bankruptcy consultation and filing over the phone or by video from the comfort and safety of your home or office. Please call 1-877-581-3396 or click here to setup your free phone or video consultation.

The lawyers at the Bond & Botes affiliated offices serve clients at offices in Anniston, Birmingham, Mobile, Montgomery, Opelika, Decatur, Huntsville, Florence, Haleyville and Gadsden, Alabama; Vicksburg, Hattiesburg and Jackson, Mississippi. Read our disclaimer here. You can view our Privacy Policy here.

Alabama Offices

Birmingham

2107 5th Avenue North
Age-Herald Building
Birmingham, Alabama 35203
Phone: (205) 802-2200


Shelby County Location
15 Southlake Lane, Ste 140
Birmingham, AL 35244
Phone: (205) 802-2200


Florence Location
121 S. Court Street
Florence, AL 35630
Phone: (256) 760-1010


Huntsville Location
225 Pratt Avenue NE
Huntsville, AL 35801
Phone: (256) 539-9899


Montgomery Location
311 Catoma Street
Montgomery, AL 36104
Phone: (334) 264-3363


Decatur Location
605 Bank Street
Decatur, AL 35601
Phone: (256) 355-2447


Haleyville Location
914 19th St.
Haleyville, AL 35565
Phone: (205) 486-3580


Gadsden Location
430-B Chestnut Street
Gadsden, AL 35901
Phone: (256) 485-0195


Opelika Location
216 South 8th Street
Opelika 36801
Phone: (334) 887-7666


Anniston Location
1302 Noble St #2C
Anniston, AL 36201
Phone: (256) 344-3559


Cullman Location
200 Second Avenue SW
Cullman, AL 35055
Phone: (256) 739-9866


Mississippi Offices

Jackson Location
5760 I-55 North, Ste 100
Jackson, MS 39211
Phone: (601) 353-5000


Hattiesburg Location
607 Corinne St, Ste B8
Hattiesburg, MS 39401
Phone: (601) 264-7200


Vicksburg Location
1212 Farmer Street
Vicksburg, MS 39180
Phone: (601) 353-5000

© 2024 by Bond & Botes Law Offices. All rights reserved. Disclaimer | Privacy Policy