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Bankruptcy Can Be a Solution

Bankruptcy can happen to anyone; bankruptcy can be a solution
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Bankruptcy can be a solution when you face overwhelming debts.

Bankruptcy can happen to anyone.  Regardless of your current income or savings, it is possible to encounter financial issues.    Bankruptcy can eliminate years of acquired debts that you are not able to pay off.   Bankruptcy can be just the solution you need.

Listed below are some common reasons why you may be faced with the option of declaring bankruptcy.

Bankruptcy Can Be a Solution and Can Happen to Anyone:

Lack of Budgeting

No matter what your current salary is, creating and sticking to a budget is the best way to properly manage your finances.   However, many people fail to do this.   For some, it is a lack of money management skills that prevents them from budgeting effectively.  Over spending can also easily create high credit card account balances.   It is important to keep in mind that you may encounter a point where you are unable to maintain a steady income.

Bad Investments/Change in the Market 

Making a series of bad investments can quickly drain your financial resources.   For example, let’s say that you put your money into real estate.  If the market takes a turn for the worse, your total net worth could drop significantly in a matter of weeks or months. If you have your money tied up in a certain stocks, they should be monitored regularly to ensure you gain a return on investment.  We saw that the pandemic took its toll on everyone.    The pandemic brought to light that anyone can face bankruptcy.

Costly Medical Bills

Being faced with a medical emergency is a case where many can quickly spend more money than expected.   In addition, crucial medial surgeries or procedures can be costly, even after insurance coverage. Unexpected medical bills are a common way that some will look to bankruptcy for financial assistance.

Some planned well but are faced with unexpected medical debt.   This is an important point that reaffirms that bankruptcy can be a viable solution.

Income or annual salary does not determine your need to file bankruptcy

A large amount of celebrities have looked to bankruptcy as a way to eliminate their outstanding debts. Some of the most recognized celebrity bankruptcies include:

The reasons why people file for bankruptcy vary, but it is a helpful solution to many.

Ralph Ferro Jr., Esquire can help assess your current financial standing and determine a solution that suits your needs.

Whatever you reason for filing for bankruptcy; bankruptcy is not an indication of failure.

Please remember bankruptcy can happen to anyone.    It is an opportunity to move forward.

Call now for a free Bankruptcy consult with me:   (201) 446-5904