Tuesday, January 31, 2017

What are the most common causes of bankruptcy in Georgia?

At King & King we help people find a fresh start. Here are a few reasons people come to us for help. 

1. Medical Expenses

Studies indicate that this is the biggest cause of bankruptcy. Accidents and illness can easily result in enormous medical bills - bills that can quickly wipe out savings, retirement accounts, college education funds and even home equity. Bankruptcy may be an option even before these resources are exhausted.

2. Job Loss

Whether due to layoff or termination, the loss of income from a job can be devastating. Not having emergency savings to draw from only makes your situation more serious, using credit cards to pay bills can lead to deeper debt. If you are unable to find employment quickly it can be difficult to keep your creditors paid. Bankruptcy can put a stop to all collections.

3. Excess Use of Credit

Credit card bills, Car payments, mortgages, and other loan payments can spiral out of control. If you find yourself at the point where you can only make minimum monthly payments, bankruptcy may be the best option for you.

4. Divorce
Divorce can create tremendous financial strain on both partners. Legal fees, division of marital assets, decree of child support and/or alimony, these alone can be enough to cause some to file.

The good news is bankruptcy can give you a fresh start. The attorneys at King & King can put you back on track so you can stop worrying and move forward. Call us today at 404-524-6400 for a free consultation or visit us at www.kingandkingattorneys.com for more information.