Everyone wants to experience financial independence, but the road is often paved with ups and downs. In many cases, events outside of your control change the course of your debt management, and ultimately, your spending patterns. Simply put, if you are experiencing a hardship that puts you in the position of spending more than you are bringing in, you may need to declare bankruptcy.
Bankruptcy is an avenue to help you eliminate all or a portion of your debts. If you find yourself struggling to pay your bills, you may begin to think about bankruptcy as an option.
Here are a few of the most common circumstances that you might find yourself experiencing:
- Medical Bills – One visit to the hospital or an emergency medical crisis can take its toll on your finances, even if you have health insurance.
- Loss of Your Job – Nobody asks to lose their job, but without a steady income, you may find yourself using your credit cards to get by.
- Unplanned Expenses – A plumbing issue in your home or a car problem becomes even more expensive if you are forced to charge up your credit cards for the repair.
- Change in Status – A divorce can create a lot of financial challenges. Additionally, when you are managing separate households, you have to split property assets and restructure your family roles/duties, resulting in less time, money and income than when you were combined together.
- Prolonged Use of Credit – Look at your credit card statement. By paying the monthly minimum, the typical payoff term is 22 years. That’s 22 Years to become debt free! And that’s only if you never make another charge!! Compare this with the typical 5 months to complete a bankruptcy (and you can spend the next 22 years putting that money into a savings account instead).
If you are facing financial struggles, you do not need to face them alone. Please call to set up a free consultation to see if a Bankruptcy can be used to put you in a better place and squarely on the road to financial independence.