Top 5 Reasons for Bankruptcy

Minneapolis Bankruptcy Attorney

While every bankruptcy situation is different, most people who find themselves in the need of a Minneapolis bankruptcy attorney have at least a few things in common. Although the true number of bankruptcies causes is largely incalculable, the majority of filings are a result of one or more of these five aspects:

• Medical Bills. Most people don’t have thousands of dollars in savings just in case they find themselves with some sort of medical emergency. Whether you found yourself with a serious illness like cancer or ended up in some sort of emergency situation, like a fire, you likely did not plan on needing such intense medical procedures. Even with insurance, many aspects of medical care are not covered, which is why medical expenses are the number one reason people find themselves contacting a Minneapolis bankruptcy lawyer.
• Job loss. While many people can stay afloat for a few months if they lose their main source of income, few can survive through long periods of unemployment, particularly when the job loss was unexpected.
• Credit card bills. Whether you were simply spending more than you had or ran out of savings when you ran into an unexpected situation, the high interest rates of credit cards can make them difficult to pay off, even if you do end up getting a well-paying job after you have racked up the debt.
• Home foreclosures. You may have been a victim of the subprime lending market or you may have found yourself with less income than you had when applying for the mortgage, but regardless, home foreclosures are a common reason people find themselves in need of a Minneapolis bankruptcy attorney. No one wants to lose a home, but when you owe more on your home than the residence is worth, you may have to choose between losing your house or filing for bankruptcy.
• Wage garnishments. If a creditor has placed a garnishment on your salary, you may suddenly find yourself with too little income to pay the rest of your bills. If you are subject to a wage garnishment, our office can help put a stop to this process.

When you feel you have no other options and creditors are contacting you non-stop, a Minneapolis bankruptcy lawyer from The Law Firm of Minneapolis Bankruptcy Attorney can help you put a stop to repossessions, foreclosures and harassing creditors. Call our offices today to schedule your initial consultation.