Behind Bankruptcy Filings

The bankruptcy process is commonly thought of as a way to resolve debts for the poor. On the contrary, even middle or upper class citizen can end up needing bankruptcy support for reasons outside of their control. Between a turbulent economy, meager job market and strokes of bad luck, the bankruptcy process has been able to help even the person you least expect.

An Inside Story

The truth about bankruptcy is that it is an individualized process. Since no two people’s financial affairs are alike, every bankruptcy case is tailored specifically to each individual filer. With such variability in financial states it is often wondered how people end up in the position to file for bankruptcy.

One of the larger problem areas leading to bankruptcy filings are unavoidable debts, such as medical bills. Too many people are uninsured or lack adequate coverage for health problems. A simple visit to the emergency room for an illness or injury can cost thousands of dollars; a drop in the bucket compared to the costs of more serious chronic conditions, such as cancer or a disability. It is estimated that Americans spend $2.6 trillion a year on out of pocket medical expenses, no wonder people are financially strapped when bills start piling in.

Although the unemployment rate is notably better than just a few years ago, there is still far more progress to be made. The Bureau of Labor Statistics estimates that 5.2 million Americans have been unemployed for more than six months in 2012. With finding any job proving difficult, not to mention finding employment to sustain an income level from previous years, many families are being forced into foreclosure and deeper credit card debt to maintain daily living.

The hard fact is this, there will always be personal challenges looming around the corner. Luckily, the ability to customize debt relief efforts to each person’s unique challenges is one of the many things that makes the bankruptcy process great. Contact a Dallas bankruptcy lawyer today to find out how they can help you find the special kind of debt relief you are seeking.