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4 types of debt bankruptcy could address

Each year, people from all backgrounds find they are facing financial hardship. As anyone who has faced overwhelming debt knows, it can be stressful. Fortunately, in many situations it may be possible to address that debt by filing for bankruptcy under Chapter 13 or Chapter 7. This is a possibility in a wide variety of situations when debt has accrued. While spending more than someone has is one thing that could lead to financial hardship there are other reasons that people find themselves in this situation.

One is the end of a marriage. The process of divorcing is not cheap. In addition, it can bring debt to light that a spouse may not have been aware of. When a marriage ends, individuals could also lose a significant amount of assets or income.

A second cause could be the loss or a reduction of income. Whether due to a job loss or pay cut, a dramatic change in the amount of money coming in can leave someone struggling.

Medical debt can also lead people to file for bankruptcy. When a serious illness or injury occurs, even those who have medical insurance could find they are underwater financially.

Any of the preceding reasons could prompt someone to accrue a large amount of credit card debt. Once accrued, high percentage rates can make the debt grow faster than someone can keep up with.

Regardless of why someone is in debt, bankruptcy could be an alternative to discharge the debt. A bankruptcy lawyer can help determine whether this is the best course of action for you.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
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