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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 …