What are the most common causes of bankruptcy?

Posted by Wesley Scott on April 17, 2020 at 2:04 PM
Wesley Scott

Every single client has unique circumstances that brings them into our office. We fully understand that bankruptcy is not what people want to be doing and for that specific reasoning, they don’t want to be in our offices. Please make note, we will never judge you or your circumstances that brought you to us—we will simply help you in the most empathetic and professional way possible.

Some of the most common situations that cause people to contemplate bankruptcy are: medical expenses, reduced income, loss of job, divorce, poor spending habits, etc. There is absolutely nothing that can prepare someone for such a distinct change in life.

Receiving medical care is necessary and essential—it is also incredibly expensive to pay for doctor visits, procedures and medications.

Reduced income or losing your job can obviously severely impact that amount of money coming in and being saved.

Divorce can be an expensive and daunting situation emotionally and financially.

Credit cards, personal loans, and poor spending habits can sometimes spiral out of control.

But guess what? These instances make you 100% human. In no way does it mean you have messed up your life, that you should be embarrassed, or think there is no end to the debt. Sometimes people are very capable of recovering financially when one of the above situations happens, and sometimes, people are not able to recover financially. With over 47 years of experience, the team at Kain & Scott will lay out all of the options available to you and help you decide what to do and how to go about getting there. We will never force you into a bankruptcy or a situation that doesn’t fit your lifestyle; this decision is fully up to you—we simply want to help!

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Questions about your unique situation? Check out our website www.kainscott.com or give us a call 800-551-3292!

 

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