I hear this all the time.  I wouldn’t have had to file bankruptcy if ______.  The reasons are almost always the same, divorce, job loss, or medical expenses.

This is no surprise to the people at Clear Bankruptcy LLC that recently released a report stating the Top 5 reasons for bankruptcy.

1.  An unexpected disaster.

This could be anything.  For many New Jersey bankruptcy clients this was Hurricane Irene.  Irene blew through NJ last year and destroyed many homes in its path, many of the people who called us were not adequately reimbursed by insurance or FEMA.

2.  Divorce

Nothing will wreck your finances quite like a divorce will.  It is tough enough to go through a divorce and going from a household with two incomes to a household with one income can make life even more difficult.

3.  Out of Control Spending

This does not mean that you are out there buying luxury goods.  Many people who come through our doors are using their credit cards to pay for prescription drugs and groceries.

4. Job Loss

The economy has shed millions of jobs in the last several years and those who are finally finding jobs again are finding themselves making far less than they had before.

5.  Medical Expenses

According to a Harvard study 62% of bankruptcy cases are caused by a medical issue.  It is hard for even the most savvy financial planner to plan for a 100,000 dollar surgery.  Many many many people file bankruptcy because of an unplanned medical expense and all the expenses that go with it, such as unpaid time out of work and expensive prescription drugs.

As you can see, you are not alone in thinking about contacting a bankruptcy attorney.  There are many people out there who are just like you and are filing bankruptcy for the exact same reasons that you are thinking about filing bankruptcy.

Give our office a call for a free bankruptcy consultation at 732-302-9600 to speak to one of our experienced New Jersey Bankruptcy Attorneys about how we can help.