Full question:
What are the most common reasons for filing chapter 7?
- Category: Bankruptcy
- Date:
- State: Alabama
Answer:
The most common reasons for filing a Chapter 7 bankruptcy include such things as:
extended periods of unemployment, causing the debtor to be unable to pay his or her debts as they become due
large and often unanticipated medical expenses
seriously overextended credit beyond the debtor's ability to repay, often accompanied by unreasonably high interest rates
marital problems which lead to financial hardship, and;
other large unexpected expenses.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
