Why do people have to file bankruptcy?

by Susan Jung on November 5, 2010

in Bankruptcy

The decision to file bankruptcy results from a variety of life’s events that lead to financial difficulty.  In the last month alone, I have seen several clients, each with different problems.   Two had recently separated, and were concerned that they would not be able to manage their respective halves of the matrimonial debt on their now individual incomes.  One was separated a year ago, and was worried that she would not be able to manage the joint debt she shared with her ex husband who had just filed bankruptcy himself.  One middle-aged fellow had just entered a treatment program for a gambling addiction, and wanted to deal with the debt that his gambling had caused.  A couple I saw had spent their savings and accumulated credit card debt helping their recently separated daughter and grandchildren get re-established over the last few years.  Another young man I saw had overspent on the multiple credit cards that he had attained after graduating from College.  Yet another couple had suffered the financial impact of his having had a heart attack and being unable to return to work. 

So, as you can see, there is no single reason that people file bankruptcy.  The reasons may be varied, but the consequences are all similar – in all cases, the clients needed help and direction, and were glad they had taken the step to call us to learn about the options they had to deal with their financial problems and questions.   In fact, in some cases, we were able to offer solutions and suggestions that allowed some of the folks to avoid bankruptcy.  Many of these people filed a consumer proposal.

If any of the above scenarios sound familiar, you too can get help and direction.  Call us at 310-PLAN or visit us at hoyes.com.  We’d be pleased to help you Turn the Worry of Debt into a PLAN for the future.

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