In today’s uncertain economic times, more people than ever are deciding to file chapter 13 bankruptcy in Norman, OK. There are many reasons that people end up going bankrupt and it’s a situation that no one sees themselves in when they first start out in their adult life, but it happens much more than you might think. Read on below for a few of the most common reasons that people go bankrupt.
Medical Bills
One of the leading causes of someone having to file chapter 13 bankruptcy in Norman, OK is medical bills. As a matter of fact, a study conducted showed that over 72 percent of people who filed bankruptcy because of medical bills, most of them were insured, which lays away from the myth that people without medical insurance are the only ones who struggle with medical bills.
Owing Creditors
Owing creditors and getting into credit card debt doesn’t happen because someone is acting irresponsibly. It can happen due to disaster, job loss, and any other number of emergencies that force you too live on your credit cards in order to survive. Then when the bills are due, you don’t have the money to pay them, which ends in bankruptcy court for many people who have always been responsible until they just couldn’t be any longer.
Student Loans
Anyone who has ever had a student loan knows this one well. The student loan rates are so high to begin with, then if you get behind the late fees and interest can well driving you into bankruptcy.
