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What situations can lead to bankruptcy?

As a New York resident who is facing unexpected money troubles, you're well-aware of just how quickly a person's financial situation can change. Macco & Stern, LLP, is here to help you as you face your financial situation and work to right it.

Work-related situations are a very common reason that people suffer from financial troubles and have to file for bankruptcy. Not only could pay cuts happen without warning, but you're likely also an at-will employee. What does that mean? Essentially, your employer can fire you for any reason they see fit, or even no reason at all. Taking legal action if you've been fired by an employer can be difficult in these situations and leave you floundering without income.

Personal situations can also cause you to fall into debt. For example, if you get a divorce and have to live on one income instead of two, it can be a painful and difficult adjustment to make. This is especially true if you lose money to your ex-spouse in the process, or if they do not have to pay child support or alimony.

Finally, getting into an accident or becoming ill can impact your finances. This can also potentially tie into work-related financial loss, because you won't be able to make money while you're in recovery. However, in addition to that, you could also risk losing money to hospital bills, medications, and other forms of medical care.

Dealing with upheavals in life can be stressful enough without throwing money into the equation. If your income has changed so drastically that you're considering filing for bankruptcy, you might want to talk to an experienced attorney or visit our web page on personal bankruptcy, linked here.

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