Who Files Bankruptcy?

The picture below is just a graphically clever way of answering the question "Who files bankruptcy?"  The answer is just about anyone on the planet who does not choose a homeless lifestyle. . We are all in the business of providing for ourselves, and some of us provide for families as well.  And that probably means that at some time we will incur debt in the process of providing for the needs of ourselves and our families.

Bankruptcy can result from many things.  The most common causes of bankruptcy are catastrophic medical crises, loss of employment, and divorce.  And sometimes people just assume more liability than they are prepared to handle which results in more going out than coming in.

While we all hope that we never have to file bankruptcy, sometimes there seems to be no other reasonable resolution to a financial crisis.  And the stress of unrelenting demands by creditors can be overwhelming.  While I will never encourage a person to file a bankruptcy against his or her will, I will advise you as to whether that might be your most viable option.  Sometimes it is not.  We can decide that together.