According to recent research, medical expenses are the most common reason for filing bankruptcy, but it is certainly not the only cause for people to get in over their heads financially. Overwhelming medical expenses influence two-thirds of people who ultimately file bankruptcy, even when health insurance was in place.

Major events like a sudden medical emergency or the loss of a job can trigger ripples for an individual and his or her family. A natural disaster can be devastating for a family, even if proper insurance is in place. Even with your best efforts, it can be difficult to recover from such a major event. Since these events are so highly unpredictable, it can be difficult to know what to do in the aftermath. Struggling with the additional stress of how to handle a desperate financial situation is not easy for anyone.

Excessive credit usage, too, can contribute to a downward spiral where it is difficult to meet even the minimum payments on your cards.

Another major life event that can lead to bankruptcy is divorce, as a result of high legal costs, expenses necessary for two households, child support, and alimony. It does not take long to feel the aftereffects of divorce; you are not alone if you feel like bankruptcy is your best path for a fresh start.

No matter how you got to this point, bankruptcy may be an effective solution to help you wipe out your financial struggles and to move forward with confidence and hope. Being buried in debt is an unsustainable situation, and choosing to consult with a bankruptcy attorney sooner rather than later so you are aware of your options to make your decisions. If your finances are weighing you down, then a person bankruptcy may be able to help. A Chapter 7 bankruptcy wipes out most of your debts, giving you a fresh start. If you are considering bankruptcy, then set up a free in-person initial consultation to speak to Jayson Lutzky, a Bronx attorney with over 32 years of experience. Call 718-514-6619 to make an appointment and visit to learn more about Mr. Lutzky.