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Major Reasons Why People Might Go Bankrupt Bankruptcy is a term people hear every so often especially when talking about businesses and enterprises. However, many people do not actually understand the process of bankruptcy. There are those who do not understand how things happen in a bankruptcy law court. In a nutshell bankruptcy is the process where a business or an individual gets the chance to repay all the debt they may be having, but under the protection of a bankruptcy court. Filing for bankruptcy will always mean that one’s finance are open to scrutiny. People may do this for a number of reasons; some even say that bankruptcy can help prevent foreclosure. Here are a few reasons why people may go bankrupt. Separation and Divorce Divorce does not always end well for either parties. Going through a divorce can be quite expensive. This generally results in on side of the parties losing a considerable amount of assets. It can also mean that you share your partner’s debt in a situation where you had an open joint account.
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Losing a Job
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Job losses tend to quickly result to an extreme reduction in one’s savings and assets. Your financial situation may become overwhelmed because of additional expenses. It can be worse if you don’t have a guarantee of restoring your financial position through a job or some other venture. Health Expenses Research studies show that medical expenses cause 62% of personal bankruptcy. Those that think insured people face more financial catastrophes are quite wrong. Harvard University carried out a study indicating that 72% of those who have filed for bankruptcy because of medical costs had some kind of health insurance. Credit Debt This form of debt can be brought about by a continuous pile up of problems. These problems may range from illness and disability, emergency expenses or abrupt income reduction. Those individuals who struggle with irresponsible spending and poor budgeting may find themselves experiencing credit debt. Student Loans Paying for school is probably one of the most expensive things one can do. Statistics done in the United States show that students loans contribute to at least one percent of bankruptcy situations. This is approximately 15,000 bankruptcies a year. Little or Reduced Income Employees may end up getting affected by salaries going down or budget cuts. Whenever companies decide on cutting down their expenses, employees may end up suffering in terms of reduced bonuses, and pay cuts. This may be a very stressful financial situation for the employees that have families to support and businesses to take care of. The end result for such individuals in most cases is bankruptcy. Unplanned Expenses Sometimes one may experience an unexpected catastrophe that may force you to spend a lot of money especially if you are not insured. This expenses may be the loss of property due to natural calamities like floods, tornadoes and earthquakes.