Main Reasons People Need To File For Bankruptcy
There is a common myth that people who file for bankruptcy are those who are unable to stick to a budget. They spend more money than they have coming in on things that they don’t need. This is often not the case.
Most of the clients we see at our law firm have suffered some sort of major life event that has led to a serious change in their financial picture. At the Long Island-based law firm of Macco & Stern, we understand that sometimes life happens, and want you to know that we are here to provide you with sound advice when you are struggling with financial problems.
The Loss Of Your Job Or Reduction In Hours Or Pay
This is something that could happen to any one at any time. If you are like most people, you are considered an “at will” employee. This means your employer could terminate you for any reason he or she sees fit. Finding another job can take time, and when you have no income coming in, it can be hard to meet your monthly expenses.
Additionally, your employer may decide to reduce your hours or cut back on overtime that you had planned to work. Maybe you are seeing a cut in pay as a result of changes in the workplace, leading to a loss of income that you had expected.
These issues can all create financial challenges. The hardship you experience as a result can lead you to run up significant credit card debt, or deplete any savings that you had prior to the event.
Many of our clients come to us after losing their jobs. They are good people who went through something totally unexpected, and have suffered financially as a result. If you find yourself in a similar situation, know that there are things we can do to help you address your debt problems.
Suffering An Injury Or Illness That Keeps You From Working
Health is not guaranteed. Injuries and illnesses may strike at any moment, and leave you in a position where you are unable to work. Even if you have insurance, you will likely have some expenses connected to the treatment of your condition that you will need to pay out of pocket.
A major health event will have an impact upon your ability to make ends meet. The medical bills will quickly add up, and the loss of income will leave you struggling to stay out of debt. You need to know that help is available to you, and our lawyers will provide you with detailed advice about whether or not bankruptcy is right for your situation.
Going Through A Difficult Divorce
The end of a marriage can have a serious effect upon your finances. You and your spouse will have accumulated property together that will become subject to division during the divorce. This can include any savings or retirement assets that you both have earned. Additionally, you will be tasked with starting over on only one income, which could be significantly less than what the two of you earned together.
All too often, people fail to understand the long-term financial impact of divorce. They make decisions that leave them destroyed financially, and they have no choice but to file for bankruptcy protection. If you are struggling to make ends meet after a divorce, reach out to us to see what you can do to help address your financial concerns.
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We are a debt relief agency. We help people obtain relief under the Bankruptcy Code.