The current economy has led to difficult financial straits for many people. In the past few years an increasing number of people have been unable to pay their monthly bills, credit card minimums and home loans. If you have found yourself overwhelmed with your regular bills, filing for Chapter 7 or Chapter 13 bankruptcy can create a fresh start for you and your family.
To learn more about bankruptcy and how it might benefit you and your family, contact the experienced New Bedford bankruptcy attorneys at the Law Office of Brian R Lewis at 508-946-3323 today. Our bankruptcy lawyers can help you understand your options and make the best decision for yourself and your family.
Situations that Cause Personal Bankruptcy
Anyone filing for bankruptcy in Massachusetts is facing overwhelming debt, but the cause of those bills is different from bankruptcy to bankruptcy. Some of the most common causes of bankruptcy include:
1. Unemployment – Loss of a job is the number one cause of bankruptcy, most people can only survive on savings for less than two month, after that the debt start to pile up.
2. Credit Cards – over spending on credit card can make moving forward impossible, the interest rate and late fee with most credit card make repayment very difficult.
3. Medical expenses – If you have been injured or ill and do not have proper medical insurance that hospital and doctors bill can add up quickly.
4. Divorce – with divorce comes legal costs, alimony, and child support, which can be difficult to cover after you divide your assets. Bankruptcy does not clear you of alimony or child support but can remove other bill and make it easier to pay.
5. Unexpected expenses –these can be almost anything but most of the time involves a natural disaster such as fire or flood to a home.
If you, a family member or friend is experiencing any of these situations please call the Law Office of Brian R Lewis for help today at 508-946-3323. Remember know your options is the first step.