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People file for bankruptcy for a great many reasons. Obviously, most people file for bankruptcy when they don’t have enough money to pay their bills. Some incur too much credit card debt. Others have problems stemming from loss of employment such as being laid off or fired from a job. Some lose their employment because their business has downsized. Others lose their jobs due to age discrimination, even though it is illegal.
For many, bankruptcy comes when they are faced with medical problems or the loss of work due to illness, either temporary or long term. Some are thrust into bankruptcy when they based their standard of living on funds from overtime work, which ultimately ended. Many buy a house with a mortgage that’s too big. Unexpected, large expenses with a home or car, drive many into bankruptcy.
Some file for bankruptcy because of personal problems that get out of control such as gambling, drinking and drugs. Many seem to have an addiction to spending money. Others seem to simply have poor money management skills. Some have a calamity befall them, such as unknowingly moving into a house contaminated with toxic mold.
Whatever the reasons, and there are many more, they need to consider filing for bankruptcy.
