The top 5 reasons many are forced into bankruptcy
When do people consider bankruptcy in Kansas City? While there are many reasons, there are 5 main causes that lead people to file bankruptcy.
- Medical Expenses: Health care cost increases make surgeries and other services too expensive for many to pay off.
- Unemployment: Without employment, most people cannot rely on savings and consequently cannot pay their bills.
- Spending too Much: Credit card debt is a main cause for bankruptcy. Also, having home or car payments that are too high causes financial strain for many.
- Divorce: Aside from the emotional stress associated with divorce, divorce also brings financial burdens with court costs, alimony, and child support.
- Unexpected disaster: Earthquakes, floods, fires, and other disasters are often unforeseen and cause financial stress for the uninsured.
If you are facing these challenges, don’t worry. Bankruptcy in Kansas City can get you back on your feet again. If you aren’t facing these things, prepare now with savings and wise spending to avoid bankruptcy.