Tagged in: Bankruptcy

5 Reasons Why People File Bankruptcy

If you ask a room full of people what they want to talk about, it is unlikely any of them will say their personal bankruptcy story. The truth is, there is a lot of stigma associated with being in debt. Even though filing is a legal right granted to all consumers in the United States, many people view bankruptcy with shame. Regardless of what leads someone to call a bankruptcy Everett WA lawyer, the process can be difficult to go through. Because of this, it is important to know you are not alone. In 2019, more than 733,000 consumers filed. Here are the main reasons why.

1. Medical Costs

Getting sick can be financially devastating. With the increasing cost of healthcare in the U.S., it may come as little surprise that excessive medical expenses account for over 66% of consumer bankruptcies.

2. Job Loss               

Another common reason people file is …

Why Hire a Bankruptcy Lawyer

If you are thinking about filing for bankruptcy protection, you might be thinking about doing so without an attorney. While you certainly have the right to do so, you should always consider hiring a bankruptcy attorney West Palm Beach FL. There are two types of bankruptcy protection. The first is called Chapter 7 and the second is called Chapter 13. You need to think about which type of bankruptcy you want to file and how this is going to impact your assets. This is where a bankruptcy attorney can be helpful. There are a few reasons why you need a bankruptcy lawyer to help you with this process.

Consider Alternatives to Bankruptcy

If you file for bankruptcy, this is going to stay on your credit report for seven years. You might also be worried that you are going to lose some or all of your assets. That is …