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Who is likely to file for bankruptcy?

On Behalf of | Apr 24, 2022 | Bankruptcy

The word “bankruptcy” might scare you at first, but you may find it to be a welcoming term once you realize that it really can help you. If you have outrageous debt then filing for a Chapter 7 or Chapter 13 bankruptcy could help erase your debts and give you a fresh start.

You may not think bankruptcy could apply to you. You may feel ashamed or guilty for needing to apply for bankruptcy. There are many people filing right this instant, saving themselves a whole lot of stress. 

Here are a few examples of people who file for bankruptcy:

Married people

It may come to your surprise that many married people file for bankruptcy. The joint income could easily make you believe married couples are the last to file bankruptcy. Couples can actually go into a marriage with a lot of debt to their name. This could come from college debt, unpaid credit cards or loans.

Single people

Single people usually only have to worry about their own bills, so some find it easier to stay financially afloat – until they don’t. They don’t have a second income to rely on if something happens to theirs. These people, however, may find it difficult to pay their bills if they suddenly get sick or find themselves in an accident. College graduates might even find the loans they took out are unreasonably high.

Disabled people

People with disabilities are more likely to be seriously hurt in their daily lives. It is no surprise to find people with disabilities have racked up medical bills. Many of their medical bills can even be denied by their insurance. People with disabilities make up a large portion of people who file for bankruptcy

There are many types of people who find themselves looking at bankruptcy for debt relief. You or a loved one may need to consider bankruptcy if you suddenly lose your job, experience sudden medical bills or have outrageous debt — and there’s no shame in that. Learn more about your options today.