The primary reasons for filing personal bankruptcy are:
- Unforeseen medical expenses
- Excessive credit card debt
- Loss of employment
Needless to say, many of these events create not only financial difficulty but also a tremendous amount of disruption and distress in and of themselves. This makes it especially important that individuals consider all available options and bankruptcy alternatives to make sure whatever action they settle upon is in their long term interest.
Bankruptcy is an important decision and the law and its application to one's particular situation can be very complicated. It is generally recommended that one consult with an attorney with experience in the personal bankruptcy field.