What are the top 5 reasons people go bankrupt?

Top 5 Reasons Why People Go Bankrupt

Medical expenses: High medical bills can lead to bankruptcy, especially if an individual does not have health insurance or has coverage with high deductibles.

Job loss or reduction in income: A loss of income, whether due to unemployment or a decrease in pay, can make it difficult to pay bills and meet financial obligations.

Divorce or separation: The financial strain of dividing assets and paying for two households can be a significant burden, leading some people to file for bankruptcy.

Credit card debt: High balances on credit cards with high interest rates can be difficult to pay off, especially if an individual is only making minimum payments.

Business failure: Owning a business can be risky, and if a business is not successful, it can result in bankruptcy for the owner.

If you need assistance with bankruptcy in California or Nevada, we can help. Contact the Law Offices of Chirnese L. Liverpool at (818) 714-2200 or visit us online at https://liverpoollegal.com/bankruptcy/

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