If you’ve recently considered filing bankruptcy, you aren’t alone. Georgia is third in the nation when it comes to bankruptcy filings.
The reality is that bankruptcy is something that can happen to anybody. No matter where you are currently in life, unexpected things can happen that change everything.
Who’s forced into bankruptcy?
It’s unlikely reckless spending is what leads someone into bankruptcy, but rather the occurrence of sudden major expenses and low income. Many factors are out of people’s control leading them to file. Even your role in society can affect whether you’ll need to file.
Here are a few examples of who is likely forced into bankruptcy:
- Unemployed people: It’s no wonder people are having trouble paying off their debt and going into bankruptcy. Whether you were fired, quit or global events sunk your job, it’s going to be hard paying off debt without a steady income.
- College-educated people: More and more students are taking on student loan debt in the hopes of a high-paying job. The job market doesn’t promise that a degree will reward graduates with jobs. Leaving unemployed college graduates without a way to pay off their debt. The growing number of college-educated taking on student loans has even sparked a discussion of student loan relief.
- Disabled people: It’s a common occurrence for disabled people to find themselves constantly looking for medical attention or with a life-long illness that’s caused medical bills to pile up. At many times these expenses can be sudden. It doesn’t help that there can be few accommodations for the disabled to pay off their debt.
Whatever position you may find yourself in, or if you feel you’re in a class of your own, don’t hesitate to file bankruptcy and seek an experienced guide to pick the right path forward for your debt relief.