Investopedia published an interesting article about the five top reasons why an individual files personal bankruptcy. Not surprisingly, job loss can be a root cause necessitating bankruptcy. Second, medical expenses play a significant role in bankruptcy filings with Investopedia citing a study by the American Journal of Public Health that found 66% of bankruptcies were due to medical issues. Third, uncontrolled spending was cited as a major factor. Fourth, divorce or separation can create a tidal wave of financial strain because of legal fees, division of marital assets, and the cost of maintaining two household after the separation. The fifth reason, … well you’ll have to read the Investopedia article to find out … https://www.investopedia.com/financial-edge/0310/top-5-reasons-people-go-bankrupt.aspx.
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