Bankruptcy is a process that allows people who’ve become buried in debt an option to get out. At The Law Offices of Paul Y. Lee, we’ve worked with many clients who feel guilty or ashamed of their debt. The truth is that there are many reasons people get into too much debt and it’s likely you never saw it coming. Read on to learn about some of the most common ways we see people end up in debt and then reach out to us at 951-755-1000 for a free bankruptcy consultation.
Medical bills can do it
When a person is injured or sick enough to need to be hospitalized, to go to rehab theory, or simply take time off of work, financial turmoil is likely to result. The reality of the fact is that most people in California – and throughout the country – are just one injury or serious illness away from being hundreds of thousands of dollars in debt. Even the best insurance often won’t cover everything that’s needed.
Divorce can lead to significant debt
It used to be common for most families to have a single breadwinner. Today, it’s common for both people in a marriage to work. As a result, when the that couple splits and is required to start living on a single salary, it can be difficult to impossible. Even with the reduced costs of only having one person in a home, the costs are not halved. The person who moves out of the marital home needs a lot of capital to rent or buy a home, buy new furniture, etc., while the person who stays in the marital home must now come up with mortgage payments and utility bills that were twice what they’d been paying.
Credit cards can lead to significant debt
It’s also common for people in California to have high balances on several credit cards. This can lead to financial difficulties. Often, people use the credit cards because they’ve lost their job or had some other emergency and need to. In other situations, they may run up credit card bills because they know they can pay them off, only to find that a change in their income makes that impossible. There are millions of reasons that people end up owing more than they can pay on credit cards.
Call us today to find out what your best option is for bankruptcy in California
If you’re looking at significant debt then it may be time to do something about it. The good news is that you can find out what your options are without committing to anything. Contact The Law Offices of Paul Y. Lee at 951-755-1000 today to get your free bankruptcy consultation. We’ll listen to where you are today, where your financials are at, and what your long-term goals are.
Once we have a clear picture of where you are, we can begin to move forward with your bankruptcy. All it takes is a first call to assess your situation. Stop worrying and start taking action – call today!
