Life can certainly be unpredictable. Unexpected life events or challenges can take their toll on your finances and leave you in a difficult situation. When your financial situation feels overwhelming or unmanageable, it may be time to consider a Georgia bankruptcy.
Filing for bankruptcy can help you have a fresh financial start amid other challenging life circumstances and stop immediate negative events such as foreclosure, repossession, and wage garnishment from happening. While every person has a different motive for choosing bankruptcy, below are some of the top reasons people decide to file for bankruptcy.
Unforeseen Expenses
Many times, unforeseen expenses arise and you may not have adequate money saved up for this type of unexpected financial emergency. Whether it is fixing a car or a home repair, you may have to turn to a personal loan or credit card. This can result in debt you are unable to pay off and negatively impact your overall financial stability. As a result, bankruptcy may be your best option.
Medical Expenses
Dealing with major medical bills often leaves many people facing significant debt. No one plans to have excessive medical bills and many times these expenses are unavoidable when you are trying to take care of your own health or the health of a family member. A Chapter 7 bankruptcy is a way to reduce the burden of your medical debt.
Divorce
Another reason you may consider bankruptcy is because you recently went through a divorce. If you and your former spouse already had significant debt, and the cost of the divorce only increased that debt, bankruptcy may be the right choice. What type of bankruptcy you choose to file (and if your former spouse will need to file) will depend on your circumstances—an experienced bankruptcy attorney can help you navigate this situation so you can have a fresh financial start.
Credit Card Debt
Often excessive credit card spending can quickly send a person into terrible financial circumstances. Because it is so simple to swipe a credit card, especially when you feel you have no other option, you can easily begin to live outside your means. If your credit spending has led to overwhelming debt, it can be helpful to speak with a bankruptcy attorney to get guidance on how to proceed.
The word “bankruptcy” can seem frightening, but it can truly be a way to turn your life around, especially after unplanned or difficult life events. Filing for bankruptcy should not be met with shame. Many times, it’s the only practical way out of an unfortunate situation and is an acceptable option for responsible adults who want to get their financial life back in order.
Bankruptcy has given many people the opportunity to begin their lives anew and reclaim their financial independence. If you are facing an overwhelming financial situation, reach out to the experienced bankruptcy attorneys at The Ballard Law Group today for a consultation by calling (404) 800-9939. At The Ballard Law Group, we are ready to help you navigate the bankruptcy process from start to finish.