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Going bankrupt doesn’t mean you are blameworthy

On Behalf of | Mar 28, 2022 | Bankruptcy

Bankruptcy is commonly viewed in a negative light. For those in a comfortable position financially, it may seem like an alien concept that only happens to those who have chosen to be reckless with their money.

This is a misconception that is not based on real events. While carelessness with finances can contribute to financial problems, this is not always the root cause. Anyone can fall into hard times financially through no fault of their own.

Divorce takes a financial toll

If you were married, then it is likely that you had two incomes coming in. This made it much easier to cover your bills and stay on top of loan repayments. Suddenly, this may all have changed. Your spouse pursued a divorce which not only saw your income slashed in half, but resulted in a pile of legal fees. There are numerous changes that can occur with your family dynamic, and the financial consequences of these are not necessarily your fault.

Your health care needs

There is little point in having money if you are not healthy enough to see the benefits of it. While you may take every possible step to stay fit and healthy, some illnesses are out of your control. If you have fallen ill or been caught up in an accident, then you are going to need medical attention. This is not free, and complications with your health can result in medical costs that mount up. If you ever find yourself in this position, then you are certainly not alone or to blame.

If you are facing financial trouble, taking proactive measures could vastly improve your situation. As you do this, make sure you are in touch with your legal rights in Connecticut.