What leads to a complete financial catastrophe? Most of us blame it on a overspending. Yet, let us face it. Celebrities are not the only people to file for bankruptcy. Recently, I happened to visit the a bankruptcy attorney at his office where a bankruptcy lawyer stated some of the most common yet overlooked reasons that lead to bankruptcy. What I learned from this casual visit was that there are mainly three reasons in such cases.
It may sound quite unrealistic but luck really plays a very important role in shifting the financial gears. Almost half of those who file for bankruptcy in America reach this state due to some serious medical illness. Of course, there are some predictable problems that you can include in your financial planner but a sudden turn of luck is definitely inevitable.
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Secondly, luck or misfortune might get you into trouble, but the way you fight back depends on the way you are prepared to do that. A good planning also involves proper strategies to deal with unpredictable issues. Emergency Funds and Insurance Plans can help a lot in such a situation.
To date, many sympathize with poor men going bankrupt, but the truth is not very sympathetic. The biggest reason behind financial crises is personal decisions and behaviors. Some of these decisions include overspending, drug addictions, bad relationship situations, criminal acts or frauds.
Typically very few people are interested in knowing these reasons before they actually stand on the verge of financial death or beyond that already. Nothing preventive can be done at this stage; hence filing for bankruptcy can be a real lifesaver. Yet, there are few myths that revolve around it and keep a lot of people from considering it as an option.
Here are few of the most common myths about bankruptcy, followed by their refutation:
• People are mostly concerned about all the disgrace it will bring upon them. Yet the fact is that, unless you are not a celebrity or very famous personal, nobody would care about your visits to your attorney's office.
• Many people are afraid that they might lose everything they have. However, the truth is a total contrast as most people do not lose anything at all. Depending on the State laws, there are certain kinds of property that you can keep.
• Another long lived myth about filing bankruptcy is that you can not get credit for ten years. This must be some kind of plot against the credit card companies who are ever so eager to lure you into their offer. Especially if they know what kind of big spender you are.
• Many people also think that their debts are too much to be filed for bankruptcy. Essentially, in any state, there is no such law. As long as your debt is more than your ability to pay, you are eligible to file for bankruptcy.
• Finally, people assume that filing for bankruptcy is difficult. However, the truth is that the only difficult part is making the decision. Once you decide to go for it, all you need is an experienced attorney.
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