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You can’t always control bankruptcy

On Behalf of | Jun 3, 2020 | Bankruptcy And Debt Relief

People often feel like they can control whether they go bankrupt. They assume that they can make wise spending choices, keep a budget or avoid credit cards. They assume that those who do file for bankruptcy must have made some serious mistakes.

The truth, though, is that you can’t always control it. Most of the time, it has nothing to do with making mistakes. In modern America, many people simply live right on the edge of affordability. Things that are outside of your control could quickly dismantle an otherwise affordable lifestyle and cause you to go bankrupt.

For example, job loss is a major reason for bankruptcy. It may have nothing to do with you. Maybe you did the job flawlessly, but the economy dropped out from under you and the company closed. Or, perhaps the company owner made serious financial mistakes that meant they had to cut workers. Either way, you lose your job that you were counting on, without that loss having anything to do with your performance.

Another reason for bankruptcy is the onset of high medical bills. Maybe you never smoked a day in your life, but you still got lung cancer. It happens. It’s not your fault. But the treatment can still be incredibly expensive. You’re going to get it when the alternative is to pass away from lung cancer, but the financial ramifications may mean that you can’t afford your lifestyle any longer.

While you can’t control whether or not you need to use bankruptcy, you can control your financial future by looking into all of the legal steps that you can take.