Personal bankruptcy can become necessary for a variety of reasons. People who have not gone through it often wrongfully assume that bankruptcy is always the result of overspending and financial mismanagement. However, the fact of the matter is that most people are only one run of bad luck away from a potential bankruptcy no matter how well they have planned or managed their finances. This is all the more reason that people in Georgia who are struggling with debt should not feel any shame for taking steps to resolve their financial problems.

Consumer bankruptcy in the United States can come about in a variety of ways:

  • Medical bills — A 2009 study published in the American Journal of Medicine found that more than 60 percent of consumer bankruptcies filed in 2007 primarily occurred because of unexpected medical bills. With the skyrocketing costs of medical care, the average middle-class household is simply unable to save enough money to confront some of these massive bills, even when they are partially covered by health insurance.
  • Mortgage difficulties — Fluctuating housing values can leave some borrowers stuck in homes they can no longer afford. While many people who experience a reduction in income are able to downsize to homes more in line with their situations, those with underwater mortgages in which the principal balance on the mortgage is more than the fair market value of the home cannot simply walk away.
  • Job loss — Unemployment is still a major problem. While many people have enough savings to support themselves for a few months, very few can keep this up for the year or more it can take to find work in a difficult economy. When a person has taken up obligations based on the assumption of a continued regular income and that income suddenly disappears, there can be few options left.

Whatever it was that led you to contemplate bankruptcy, you do not need to face it alone. Our bankruptcy attorneys and courteous staff are here to guide you through.