What could cause you to go bankrupt?

Managing personal finances can be frustrating at times when unexpected expenses come up that leave you scrambling to pay your bills. Chances are, you have heard of other people in Georgia who have had to go to extreme measures to survive circumstances that have left them struggling to reassess their finances. Understanding issues that could cause you to have to file for bankruptcy may help you to make wiser financial decisions to avoid having to make that decision. 

Often, the biggest reason why you may end up bankrupt is that your finances have been mismanaged. According to The Motley Fool, credit card debt can be another dangerous trap. If you have accumulated excessive debts on your credit cards, it is best to begin paying them off immediately. Remember that the money you spend on your credit card will need to eventually be paid back. One of the best things you can do is to only purchase things on your credit card that you know you have funds to cover when the time comes to pay back your debts. 

Other reasons that could compromise your financial situation include excessive and unexpected medical expenses, a decrease in the income you bring home, losing your job and divorce. Studies show that of one million people, nearly three quarters will end up filing for bankruptcy. As such, it is critical that you know how to protect yourself and your finances from having to make a decision that could ultimately affect your financial situation for many years to come. The information in this article is intended for educational purposes only and should not be taken as legal advice.  

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