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Classically, the main thing blamed for personal bankruptcy has been incurring large uninsured medical expenses. This seems reasonable considering it frequently is accompanied by a loss (or at least major curtailment) of earning capability of either a single or couple, which makes paying impossible.
However, while affording an excuse for many, it may not be entirely correct. While medical issues are always unfortunate and unavoidable, they are certainly not really uncommon or unforeseeable or even unexpected over a workers lifetime. As such, there is an argument that failing to have provided for the contingency by sacrificing as needed to have insurance, (at least medical or disability), is an elective personal financial planning, or responsible planning, failure (in many cases, choosing to indulge in current pleasures and indulgences instead of electing to responsibly protect against uncertain risks), as much as anything. (Agreeably, the health care mess and limited resources of many people can mean there wasn't much of any real choice).
After specifying medical as a cause, likely the main other reason is simple poor financial judgement, compounded by unrestrained desire (or belief of a right) to live a lifestyle beyond ones means, and even pressed upon by society. Hand in hand with those, are the good number of people who, because of divorce, alcohol, drugs, depression, or other similar issues become either incapable of handling things or actually want to fail...albeit many of those could fall under a medically induced heading too.
ADDITIONAL SPECIFIC INFO:
You would want to file bankruptcy if you are overwhelmed by debt and harassed by creditors. If you are unable to pay your bills you may be eligible for relief under Chapter 7, Chapter 13, or Chapter 11 bankruptcy.
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∙ 14y ago
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What causes of bankruptcy?
The lack of money.
What was the causes of the decline of the Byzantine empire?
wargreed bankruptcy famine one of these
You owe your sister money can you file bankruptcy on that loan?
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.
How long bankruptcy after discharged records stays?
1st bankruptcy = 7 years 2nd bankruptcy = 20 years 3rd bankruptcy = life
Which companies offer information on bankruptcy?
Some companies that offer information on bankruptcy include Dow Jones and Jacob Meyers Bankruptcy. You can also find information on bankruptcy on the bankruptcy Wikipedia page.
What is the plural of bankruptcy?
The plural of bankruptcy is bankruptcies.
Is 7-eleven in bankruptcy?
no , ther not in bankruptcy
If you are an additional card holder on a parent's credit card account and you file bankruptcy will the bankruptcy appear on their credit?
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
Where can one file for bankruptcy in Florida?
Bankruptcy can be filed at the Bankruptcy court for the area you are in. For instance in Northern Florida, it's the Florida Northern District Bankruptcy Court.
In order to file bankruptcy must you have a bankruptcy attorney?
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
How many year after you file bankruptcy can you file bankruptcy aging?
If you are talking about a Chapter 7 bankruptcy, It takes 7 to 9 years after you can file bankruptcy again.
How do you check your bankruptcy date?
The first two digits of the docket number, before the hyphen, tells you the year. If you don't have the docket number, you can go to a bankruptcy court or bankruptcy lawyer's office and look it up on the computer.
