Many people go through life just fine until they run into unfortunate circumstances. When people exhaust their emergency funds or run out of sources of income, bankruptcy is often their only (and best) option. It is important to remember that filing for bankruptcy isn't admitting defeat. Instead, view this as an opportunity for a fresh start. In fact, few people wind up filing for bankruptcy simply due to reckless spending. Most file for reasons that are largely out of their control. Here are some of the reasons.
Filing for bankruptcy is never an easy decision to make. When creditors are calling and bills are left unpaid, it's hard to imagine a way to pay for an attorney and legal fees on top of everything else. However, the expenses of filing for bankruptcy may be less than the growing costs of not filing. In order to make the best decision for your circumstances, take a look at the cost of filing bankruptcy versus the costs of not filing.