Let’s briefly discuss some of the most frequent causes of financial problems that end in bankruptcy, but this list is by no means all-inclusive. There are many different reasons why someone can file for bankruptcy, some of which are completely beyond the debtor’s control. But no matter what the reason is for bankruptcy, chances are that you will need a Greene County, NY bankruptcy attorney.
Here are some of the most reported cases that have led to bankruptcy for people in Greene County, New York:
Loss of income:
A major drop in household income is one of the most frequent reasons why paying bills becomes challenging, if not impossible. This frequently happens as a result of job loss or a significant drop in hours worked. The whole household income may decline if one spouse leaves their job or has their hours cut.
Even though a divorce results in a drop in monthly income, expenses might not change. This may make paying bills even more difficult.
Severe injury:
Medical debts are another common reason for bankruptcy. Due to the financial loss sustained while recovering from the accident or, in certain situations, losing one’s job, the cost of medical care frequently rises when a person suffers a serious injury. For individuals without insurance, these necessary doctor appointments can occasionally cost them thousands of dollars. According to some reports, specialized or emergency medical co-pays can now even reach hundreds of thousands of dollars.
What will happen if you are unable to settle your debts?
Most frequently, if your payment is significantly overdue, the creditor will call you and send you threatening letters regarding your account. A lot of creditors will take legal action against you to recoup the loan if that doesn’t work. Your salary could be withheld or given to a collection agency if they are awarded a judgment in their favor. If any of these reasons, or perhaps others not mentioned above, contributed to your inability to pay your debts, you may already be the subject of lawsuits filed by creditors or attorneys acting on their behalf. So, if you are facing something similar, it’s important that you retain an attorney of your own.
Final thoughts:
If any of these situations have taken place, an experienced Greene County, NY, bankruptcy attorney may be able to assist you in determining whether legal services may help you with your financial situation. An attorney will also attempt to establish the best circumstances possible for their client’s triumph.