Steinhilber Swanson LLP
Learn more about how our lawyers can help you by calling
920-235-6690 / 608-630-8990 / 608-827-6880

Bankruptcy: Why does it happen to careful people?

There is sometimes this assumption about bankruptcy that it happens to people who spend recklessly and make obvious mistakes. While you can certainly find these situations, the reality is that careful people also find themselves facing financial problems and bankruptcy. It can happen to anyone.

For example, one of the top reasons for bankruptcy in the United States is having insurmountable medical bills. To a large degree, that may be out of your control. Careful drivers get in car accidents; healthy people get sick or contract diseases. Your financial plan may work perfectly until you suddenly have bills you never expected and cannot afford.

Another contributing factor is student loans. Many young people just take these in stride at 18 years old, not thinking about the long-term ramifications. Even though you can't always discharge student loans in bankruptcy, they can certainly push you into it by putting such strain on the rest of your budget.

Job loss is another large reason for bankruptcy. People tend to plan out their budgets based on their current income. With a job, you can afford that car loan, home mortgage and monthly credit card payment with ease. When your company downsizes and terminates you even though you were a great worker, those bills are suddenly far more than you can pay. Your financial security can change in a heartbeat.

As you can see, there's nothing reckless about bankruptcy. It really can happen to anyone, no matter how carefully they try to plan for their future. Make sure you know all of the options you have when facing financial difficulties.

No Comments

Leave a comment
Comment Information

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

email us for a response

Oshkosh Office
107 Church Avenue
Oshkosh, WI 54901

Toll Free: 866-363-4879
Phone: 920-235-6690
Fax: 920-426-5530
Oshkosh Law Office Map

Madison Downtown Office
8040 Excelsior Drive
Suite 301
Madison, WI 53717

Toll Free: 866-363-4879
Phone: 608-827-6880
Fax: 608-827-6889
Map & Directions

Madison West Office
122 W. Washington
Suite 850
Madison, WI 53703

Toll Free: 866-363-4879
Phone: 608-630-8990
Fax: 608-630-8991
Madison Law Office Map