Debt
The primary reason individuals file for bankruptcy is to flee their debt. It is extremely common in today's society for individuals to have outstanding balances. Sometimes the bills are manageable, and other times they have reached astronomical levels with no evident solution. If a person believes that there is no way out, he or she requires the services of an attorney to prepare and file a petition with the United States Bankruptcy Court.
Unemployment
Some individuals choose to declare bankruptcy due to an abrupt loss of employment. In the event that one or both spouses lose their employment, it is usually necessary to file for bankruptcy. If the family had invoices or medical bills that they were able to pay without difficulty while they were employed, they would be unable to pay these balances and bankruptcy would be a very viable option.
Student Loans
It is common for college graduates to discover that they cannot obtain employment. Some student loans are designed to be repaid after graduation, and if the student is unable to obtain employment within a reasonable amount of time, this could be problematic. This could become a problem if the student took out multiple loans to finance his or her education. In this situation, filing would be a practical solution.
Garnishments
Once a person has allowed a debt to remain unpaid for an extended period of time, the collection agency will often garnish the debtor's wages. If the debtor discovers that the garnishments are interfering with his or her ability to live a normal life, it is imperative that bankruptcy be filed.
Debt Collection Telephone Calls
Once a person incurs a substantial quantity of debt, they may receive countless calls from debt collectors. If there is sufficient debt, phone calls can arrive ostensibly at all hours of the day. This is sometimes enough to send a person insolvent.""
" - https://www.affordablecebu.com/
