Often people assume that bankruptcy is filed as a result of a Gaithersburg resident living beyond their means. While it is certainly true there are many instances in which a lavish lifestyle has gotten individuals in trouble, more often than not uncontrollable circumstances in life result in the need to take such a drastic action in their life. |
Most Common Reason for Bankruptcy
Of those uncontrollable circumstances, medical bills are the most common cause of filing. According to a study conducted by Harvard University, of the individuals filing for bankruptcy, 62% are filing because they’ve incurred huge medical debt, whether in the Gaithersburg area or elsewhere.
A second common cause of bankruptcies is the loss of a job. With millions of individuals unemployed and being laid off, the rise in filings has increased. As many as 75% of all people do not have an emergency fund set up or resort to living off of credit cards until they are able to secure employment again.
Third on the list of common reasons for Gaithersburg residents to file bankruptcy is a divorce. Separating from your spouse is financially draining in a number of ways, from paying legal fees and child support to the burden of having only one income, increasing the likelihood that a bankruptcy will be needed.
Unexpected Disasters & Other Hardships
What would you do if a hurricane, flood or other disaster took place in your life? For many Gaithersburg residents, an unexpected natural disaster ends with an individual filing for bankruptcy. While we never expect such a disaster to occur they are very much real and can cause a major disturbance in life and the way that you know it.
Life often takes unexpected twists and turns that we never thought could happen, especially to us. Oftentimes these things cause debts that then lead to a bankruptcy filing. Disasters could include a flood, an earthquake, or even a hurricane. For those without Gaithersburg homeowners insurance, a bankruptcy would be inevitable.
Do These Scenarios Sound Familiar?
If you are facing one of the above situations, or have been financially devastated due to other causes, you could see a light at the end of the tunnel with the help of bankruptcy. More than 1.5 million people filed for bankruptcy in 2011 and if you are someone who cannot see themselves getting out of financial ruin, consider speaking to a Gaithersburg attorney concerning filing. It could be the solution that you have been waiting for.
No matter what has caused your finances to spiral out of control, the Law Office of Goren, Wolff & Orenstein is there to help all Gaithersburg residents file for bankruptcy in their time of need.
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