Who Files for Bankruptcy?
After helping hundreds of clients file for Chapter 7 and Chapter 13 bankruptcy, we understand that financial problems happen to everyone. If you’re going through a tough financial time, we understand.
Don’t feel ashamed or embarrassed. Bankruptcy was designed to assist you during these difficult times.
The Westbrook Law Firm has assisted a broad range of clients, including professionals (doctors, lawyers, accountants, CEOs of companies, etc), single parents, elderly couples, young couples, college students, and small business owners.
The Main Categories
- Married Couples. Forty-five is the average age of most bankruptcy filers. But people of all ages take advantage of bankruptcy protection. A large majority of filers are married and have at least a high school education, with a gross income of $30,000 or more per year. Our Firm has assisted hundreds of married couples who either brought debt in to their marriage or incurred the debt together in the marriage. If one spouse loses their job or gets sick, and the couple can no longer keep up with their bills, bankruptcy becomes a necessary solution to avoid judgments, bank levies, and garnishments.
- Young People. We are seeing more and more young people file for bankruptcy relief. Many of these clients worked hard to achieve a college degree, but due a tough job market, they may accept a low paying job to make ends meet, and in most cases, they cannot keep up with their bills. Bankruptcy is a tough decision for these filers, as it will significantly affect future credit, and many of these individuals will need to obtain cars, houses, etc. in the future.
- College Graduates with Student Loans. Over 40 million Americans have student loan debt, and 70% of college graduates enter the job market with at least $30,000 in student loan debt. While lawmakers are trying to find solutions to the student loan dilemma, it is a primary cause of financial problems and bankruptcy. Unfortunately, bankruptcy cannot eliminate student loans, but it can sometimes help give you some breathing room to pay what you can afford for a few years while you improve your employment status and resolve your other debts.
- Uninsured People. Medical emergencies not covered by insurance (or only partially covered by insurance) are one of the primary reasons for a bankruptcy filing. Medical care and treatment comes at a very high cost, and within a few short weeks a patient can owe hundreds of thousands of dollars. When high medical bills are impossible to pay, bankruptcy offers a solution to significantly reduce and sometimes eliminate this burden.In fact, 46% of all bankruptcy filings are the result of a serious medical condition or emergency and the unexpected costs that were incurred in treatment.
- Unemployed People. Job loss and unemployment can quickly lead to insurmountable debt. Once you fall behind, it is difficult to catch up, even if you find new employment. With high interest rates and other penalties, many people are forced to file bankruptcy to avoid lawsuits, judgments, and other aggressive collection efforts.
To learn more about your options, please call our Firm today at 281-888-5581. We can help you obtain the best debt relief possible. After hours appointments are available, as well as Saturday appointments.