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Why do people really file for bankruptcy protection?

"I have never had a client file bankruptcy because they were spending too much money or freewheeling."

So says one bankruptcy attorney quoted in a recent article on the underlying causes that centrally drive bankruptcy filings. That attorney says that, without exception, the individuals and families seeking his help are prompted to do so by "some event" that has essentially turned their lives upside down financially.

What else is new?

Any proven debt relief lawyer who spends all of his or her professional time making best efforts to help financially challenged clients turn things around and regain traction will readily endorse the sentiments expressed immediately above. Indeed, people in Florida and elsewhere needing the help that bankruptcy and other forms of debt relief provide are not deadbeats or somehow missing the mark when it comes to responsibly handling credit, cash on hand and payments on accounts that come due.

What is confronting them is often some random and completely unexpected financial grenade that is threatening to explode across all dimensions of their financial life.

A surgery can do that -- even for a person who has health insurance. A major car repair routinely devastates the finances of millions of Americans. So too, obviously, does a job loss.

It truly is "events" like those that necessitate bankruptcy filings far more often than does an individual's substandard money management.

The stigma that might have once been attached to a bankruptcy filing is now largely a thing of the past. Bankruptcy is a time-honored and well-established legal remedy providing for a fresh start. According to a federal office, nearly 850,000 Americans sought bankruptcy protection last year.

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