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One sudden change can lead to bankruptcy

People sometimes think that bankruptcy must stem from a series of bad choices, as if all people who go bankrupt have spent years missing car payments, taking out loans they can't afford, and not doing anything to manage the income they do have.

The negative stigma is unfair. While these things can and do lead to bankruptcy, a lot of cases stem from one sudden change. Even people who have been fiscally responsible for their entire lives can be impacted by these changes.

For instance, one young woman shared her story. She worked full-time, she made enough money to have extra every month, and she made her rent and car payments on time. She never missed credit card payment dates, often paying much more than she had to and really trying to build a good credit score. She was only 24, but she had a good score, a good income, and generally felt that she'd made responsible choices.

If life had stayed the same, she may never have gone bankrupt. However, she got sick. The disorder caused her chronic pain. It put an end to her young career. He parents tried to help, but they couldn't carry all of the bills. After a short time, she found herself out of work, living at home, and filing for bankruptcy. All of her careful planning no longer mattered.

It's important to remember that bankruptcy happens for a lot of reasons. No matter why you're considering it, it's crucial to know about all of the options you have and how bankruptcy can be a tool to address the changes in your life.

Source: Lifehacker, "What You Should Know About Bankruptcy (from Someone Who's Been There)," Katherine McDonald, accessed March 23, 2017

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The Law Offices of Ronald I. Chorches

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Wethersfield, CT 06109

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