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Unexpected events can — and often do — lead to financial issues

| Nov 1, 2019 | Uncategorized

You may have always thought that you would never end up in a situation where you accumulate a substantial amount of debt. You may have saved, budgeted, splurged now and then, and generally stayed on top of your financial matters. Of course, money problems can affect anyone, and even if you do your best to manage your spending, unexpected events can contribute to debt issues.

You may have felt like your life was moving forward steadily and suddenly felt things going off the rails. Like some, you may have tried to ignore the problems for some time or felt that you could get matters back on track on your own. Now, however, you feel that you need to obtain some type of debt relief help.

Common causes of financial issues

As mentioned, some unexpected events can lead to money problems, and you may have experienced one or more of the following issues that jump started your financial troubles:

  • Divorce: When married, you likely had two incomes to work with to cover bills and other expenses. However, after divorce, you started living on a single income, may have had to handle significant debts on your own and likely had legal fees to address.
  • Medical costs: Unfortunately, medical debt is a leading cause of bankruptcy filings. Even individuals who have insurance can end up struggling to pay the substantial bills that medical treatment can often garner.
  • Disasters: You could end up in the path of a flood or tornado, lose your home or other assets in a fire, or face similar disasters that cause substantial damage and leave you with unexpected expenses.
  • Job loss: Losing your job is harrowing for many reasons, particularly because it leaves you without an income. If you do not have enough savings and cannot find a new job quickly, you could easily face money problems.

If one of these issues or another contributed to your financial difficulties, you may want to keep in mind that these examples could happen to any Tennessee resident. Now, you may have a number of outstanding bills that you do not know how to handle. If so, it may benefit you to gain information on bankruptcy. Certainly, the idea of taking this step can be difficult, but you may come out on the other side of your case feeling more at ease about your finances.