Why Do People File for Bankruptcy?
With our present economy experiencing a slump, people from all walks of life are affected. It does not matter whether you have been a long‐time employee for a solid company or a business owner, the fact is that no one is exempted from financial crisis and the consequences it brings. Today, more than ever, people do seek out bankruptcy not just to get a chance to recover from bad debt but to save their families from being out in the streets as well. This article presents the reasons why people file for bankruptcy. •
Sudden loss of employment. One of the worst damages brought about by recession is the unexpected loss of job. Obviously, getting laid off in the middle of a crisis can be very difficult especially if you are the breadwinner of the family. Aside from not having a regular means of income, being unemployed also means not getting the benefits that a company provides.
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