People ask me all the time why people decide to file for bankruptcy. Much of the time, I get the sense that that they want to check themselves against others as they wonder whether or not bankruptcy is right for them. There are a great many reasons and whether or not the reason to file bankruptcy is a good one is something that only you can answer (Hint: to defraud my creditors is obviously not a legitimate reason! But believe me, very, very few people fall in this category). The overwhelming majority of people who consider bankruptcy are good people who got in over their head or fell into unfortunate circumstances. The law does not require you to state a reason specifically, but you might be asked. Common reasons that I see in my practice for people filing for bankruptcy are:
- Lost their Job / Unemployment
- Divorce or Break Up of a Relationship
- Unexpected Expenses
- Failed business
Many of those people would be unable to ever recover from their financial circumstances and get ahead without the second chance of a bankruptcy. That is the beauty of our bankruptcy laws in that it gives deserving people a second opportunity when they need it, so that they will not be forever in debt.
If you are scared that you will be forever in debt and are looking for a way out, bankruptcy might be for you. Contact O'Connor Cadiz Law if you live in the Chicago area for an honest, confidential strategy session about your debt and a possible bankruptcy. We are located in Schaumburg and Itasca.