No one ever starts out in their adult life thinking that they may eventually have to file bankruptcy. However, in today’s chaotic world, it happens a lot more often than you might think. There are said to be certain factors that make people more likely to go bankrupt than others. Maybe knowing those factors will help it not happen to you. With that being said, read on below for a few of the top factors that are likely to make you have to file bankruptcy in Moncton, NB more than others.
Divorce
It is rumored that though bankruptcy rarely leads to divorce, divorce can very well lead you to bankruptcy. It is estimated that one in three of every person who files bankruptcy went through a divorce shortly before. Ex-spouses often find themselves having to foot the bill for a divorce, and with child support, alimony, and double the living expenses, bankruptcy is often in the cards.
Using Credit to Live
Credit card use is one of the major factors in many bankruptcy cases. It’s not because people just go overboard shopping and spending money, it’s usually because they don’t have enough money to do everything at the end of the week and use their credit cards to cover groceries and other bills. It eventually becomes a vicious cycle that lands many people in bankruptcy court. You can budget and get back on track with your credit card use, but sometimes it’s just too late.
These are a couple of the top factors that are associated with bankruptcy today. There are ways to get around these problems, especially the credit card use, by budgeting carefully. However, if it is too late to help get on your feet, contact the professionals at Powell Associates Ltd today for help with all of your bankruptcy needs.
