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Why do people file for Chapter 7 bankruptcy?

On Behalf of | Apr 23, 2024 | Chapter 7 Bankruptcy

It doesn’t take long for debt to become overwhelming. And when it does, you might feel compelled to take on additional hours, secure another job, or cut costs to get out ahead of your debt obligations. All too often, though, these efforts are fruitless, leading to nothing more than increased debt and heaps of stress. If you’re in that situation now, then you might want to consider personal bankruptcy.

What types of situations justify filing for bankruptcy? Every situation is unique, but let’s look at some of the most common reasons why people file for bankruptcy protection.

Top reasons why people pursue bankruptcy

Debt can cripple you in several ways. Here are some of the most common issues that people face that end up leading to bankruptcy:

  • Medical debt, even for those who carry insurance, as the costs of care and treatment of a serious medical condition can be oppressive.
  • A mortgage that is more than they can afford.
  • Runaway credit card debt that may be tied to their low income and over-reliance on debt.
  • Job loss that causes them to get behind on major debts, leaving them unable to get caught up.
  • Helping family and friends more than they should.
  • Divorce, which if improperly handled can completely devastate one’s finances.

Again, there may be issues unique to your situation that have left you in a dire financial predicament. If that’s the case, then you should consider seeking the relief you deserve through the personal bankruptcy system.

Are you ready to secure the next chapter of your life?

If you’re ready to take action to secure your future, then now is the time to learn about Chapter 7 bankruptcy and what it can do for you. That way you can make informed decisions that protect your interests and set you on a path toward the future that you want.


Kingcade & Garcia | A Miami Law Firm