Take a look at this list of men and their accomplishments and see if you can find something they all have in common? All of these men and many more have found themselves in a position for bankruptcy.
- Abraham Lincoln – Emancipation Proclamation (Face on $5 bill)
- Henry Ford – founded Ford Motor Company
- Walt Disney – no explanation needed, Walt Disney!
- Milton Hershey – Hershey’s Chocolate Company
- HJ Heinz – Yes, the ketchup guy
Do you know their common bond? Besides being 5 of the most wildly successful Americans of the last 200 years, every one of those men had to file for bankruptcy at one time. On that list are innovators, creators, entrepreneurs, and one of the greatest leaders in history.
Bankruptcy is certainly no badge of honor, but neither does it deserve the stigma it seems to carry. After all these examples of those who have stewarded bankruptcy law as a way to help them get back on top, many people still see bankruptcy as a finite failure rather than a chance at a new beginning.
Here are a few more facts you may not have known about the types of people who find themselves in a position to have to file for bankruptcy.
Medical Bills Are The #1 Cause
Credit card debt is not the #1 cause of bankruptcy. The number one reason
for bankruptcy is not that people take out expensive car leases and get
loans for houses can’t afford. The number one reason people are
forced to seek the protection of bankruptcy from aggressive collection
agencies and repossession agents is medical bills.
An unforeseeable illness or an accident of some kind can quickly put almost anyone behind in paying their bills and making payments on other debts.
Job Loss & Divorce
The other most common reasons for bankruptcy are parts of life no one
sees coming. Loss of income can cause debt to pile up and quickly get
out of control. The same goes for divorce. In addition to the emotional
strain it puts on a couple and their kids, divorce can create a financial
hardship that is difficult for either spouse to recover from.
The bottom line is the unexpected, unforeseeable things that most often cause a bankruptcy filing could happen to just about any of us. If you and your family are in need of the kind of relief that bankruptcy offers, a conversation with one of our experienced bankruptcy attorneys could further demystify the process and help you understand you are not alone.
At Grand Law Firm, our team of skilled and helpful attorneys can walk you through your options and help you pursue what’s best for you and your family in light of your debt situation.
Call our office at (504) 608-5208.
Feel free to contact us online as well. We’d be happy to get the conversation started as to how we can help you and your family right away. Contact us today!