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Home  >  Articles  >  Common Causes of Bankruptcy

Common Causes of Bankruptcy

Bankruptcy is an option many people, whose finances have gotten out of their control for one reason or another, choose to take. There are various reasons that may cause a person to file for bankruptcy. Often, some unforeseen tragedy hits, causing people who are even prepared for such trouble to be place under financial burdens which they cannot handle. While bankruptcy often seems like an undesirable choice for many people, it can actually give someone a fresh financial start that relieves them of their financial worries.

If you are under intense financial strain, a Cedar Rapids bankruptcy lawyer of Hong Law, PLC, may be able to help you through the long, challenging process of filing for bankruptcy. Our experienced bankruptcy lawyers will do everything in their power to get the best possible outcome for your bankruptcy proceedings. Contact us at (319) 294-5853 for a confidential case evaluation.

Causes of Bankruptcy

There are numerous reasons a person may be considering filing for bankruptcy. The leading cause of bankruptcies in America is medical costs, despite many of these people possessing insurance. Some of the other common causes of bankruptcy include:

  • Job loss
  • Uncontrolled spending
  • Unexpected natural disasters

Many people who need or choose to file for bankruptcy have suffered some unforeseeable tragedy that led to overwhelming, burdensome debt.

Contact Us

If you are considering filing for bankruptcy, a Cedar Rapids bankruptcy attorney of Hong Law, PLC, will evaluate your situation to help you make this difficult decision. Contact our experienced bankruptcy attorneys at (319) 294-5853 to learn more about how we can serve you.

Iowa City and Coralville Office Location: 845 Quarry Rd #130
Coralville, IA 52241
Phone: (319) 354-1804
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