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WHY DO PEOPLE FILE FOR BANKRUPTCY IN NEW MEXICO? TOP THREE REASONS FOR FILING BANKRUPTCY
Medical Expenses
Medical expenses are the biggest need for consumers to file bankruptcy, representing
62% of consumer bankruptcies according to a study done at Harvard University. This
large number does not reflect just the under-
Serious medical injuries or events can result in hundreds of thousands of dollars in medical bills, which for the normal person, will completely wipe out savings, retirement accounts, college funds, and equity in a residence. For many, bankruptcy may be the only way of getting rid of these debts while still preserving retirements, home equity, and personal property.
Loss of Employment
With the average American depending on a steady paycheck to stay on top of their bills, situations such as layoffs due to downsizing, terminations, or resignations can quickly turn a stable financial situation into a dangerous balancing act. Many of these circumstances happen in completely unexpected times, with little or no notice to the worker.
The first thing a displaced worker usually turns is to credit cards, thus starting a slow but definite financial damage that could take years to be corrected. Unfortunately, another source of money that many turn to is dipping into their savings investments and retirement accounts. These are funds that the individual could have been saving up for the last decade of their lives, which could easily disappear quickly trying to keep afloat. The tragic reality is that these funds could have been saved by meeting with a bankruptcy attorney early on. Bankruptcy is extremely beneficial in it’s protections of retirements accounts.
Divorce and Separation
In a divorce or separation, a family unit, which has grown accustomed to a certain style of living, is now forced into large life changes, which many find difficult to make. Certain expenses on vehicles, expensive childcare and education, and housing; are now no longer affordable to the separated individual. Unfortunately, they may be locked into the expense with no alternatives available.
The income level that once supported a single household, will now be separated. This
means that two household will be forced to do make due with what once only covered
the single household. Additionally costs may also come inherent with the separation
itself, including child support, spousal support, and divorce attorney fees -
In a few cases, couples realize that their financial situation just will not work
after the divorce, and they consult with a bankruptcy attorney prior to -
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