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What are the most common reasons people file for bankruptcy?

Personal bankruptcy is more common in Pennsylvania today, even after Congress passed legislation to make it more difficult to qualify. The fact that so many people are unable to pay off their debts is alarming. Some may wonder why most are choosing to file for bankruptcy to begin with. Here are some of the main reasons why people are filing for bankruptcy.

Bankruptcy is often the only relief from medical expenses that can be found. Medical bills can add up to an overwhelming number very quickly, even for those who are insured. If one is struck with a costly medical affliction, they might turn to bankruptcy to help to pull them out of a rut. 

People often file for bankruptcy after losing their job. With no income, it is very easy to get far behind with the bills. As the debt collectors come in, there is only one thing to do, file for bankruptcy.

An additional common reason that people are filing for bankruptcy is divorce. If you have divorced lately, you may find yourself lacking in assets and very behind in payments on bills and property. Bankruptcy is a way to bail you out of this scenario.

Other common reasons why people file for divorce include unexpected expenses and not living within your means. If there is more money going out than coming in, you will find yourself in even more debt quickly. If you would like more information, we encourage you to speak with a professional attorney today. 

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