Here are 5 causes to declare bankruptcy:
Hospital and Medical Bills - Extremely high hospital and medical bills, primarily due to a lack of insurance, are the leading cause of bankruptcy filings. One visit to the emergency room can quickly devastate disposable income.
2. Credit Cards & Personal Debts - Have your credit card debt and personal debt become unmanageable and a burden on your family? You can file Chapter 7 to eliminate all of your credit card debt or Chapter 13 to manage it over a period of two to three years.
3. Income Tax Bills - If the tax return was lodged at least two years ago, the tax assessment is at least 240 days old, the tax return is not fraudulent, and the taxpayer is not guilty of tax evasion, a Chapter 7 bankruptcy filing can eliminate old income tax bills.
4. Foreclosure - You may be able to retain your home or at least buy time to decide whether to surrender the mortgage with a Chapter 7 or make payments with a Chapter 13 bankruptcy.
5. Wage Garnishments - You need your entire take-home pay to pay for basic living expenses, let alone creditors. When you file for bankruptcy, the automatic stay goes into effect, and you can promptly stop a wage garnishment by providing a copy of your petition to your employer's payroll or human resources department.
If your financial situation warrants it, the government offers you the legal right to start over if you need a fresh start. Everyone has the right to declare bankruptcy, and no one should feel humiliated or embarrassed about exercising this right. Today, take charge of your finances and construct a better existence for yourself and your family.""
" - https://www.affordablecebu.com/
