Bankruptcy is often thought of as something needed by those who have been living a ridiculously lavish lifestyle and can no longer afford to throw away money. But the truth is that anyone may find that they are in need of a bankruptcy lawyer. Filing for bankruptcy simply means that one cannot and will likely never be able to pay all of money he owes credit agencies or medical facilities. The unfortunate stereotype that has developed around bankruptcy may stem from the many news stories we see centered on famous celebrities such as Toni Braxton, who have been forced to file.

The truth is that filing for bankruptcy may be a very helpful last resort for those who need it. Those who end up filing usually have one of three things in common, they have just lost a job or a major source of income, they have racked up substantial medical bills or they are experiencing a very pricey divorce. Some people file because of failed business ventures, but most meet one or some combination of the three major factors in filing.

Those news stories we often see usually focused on celebrities of irresponsibility coming to a head in filing for bankruptcy can be misleading when one considers why the majority of people are forced to file. It is recommended that filing for bankruptcy be used only as a last resort, and, obviously, not many people file as a first resort. Unfortunately, even if someone eventually finds a job after they have lost one, it may already be too late in terms of the debt accumulated during the time spent without a job. This may not sound possible to many people, but consider the case of the single mother or the lower middle class family with a number of children. A disruption may mean that a family becomes behind in rent, credit card bills, utilities and car payments. Divorce often means that a household no longer has the same amount of income it did during the marriage, leaving debt to build up. These things can rack up before we know it, leaving us in major debt and major trouble.

The behavior of credit card companies does not exactly help the matter, these companies will extend your limit so that they earn more money each time you use your card. You will end up paying more over time when your balance is high, which also helps them earn more money. People will pay the minimum payment on their card for years, allowing these companies to make a good amount of money off the fact that credit card holders cannot pay off their bill.

Those who are forced to file for bankruptcy would do well to find an attorney to help with the process. Though it may not seem like something you can afford, having a lawyer by your side may actually save you quite a bit of money in the end. A lawyer will be able to look at your unique situation and tell you what steps need to be taken.

Author Bio: Stewart Wrighter recently spent time researching bankruptcy with the help of a Columbus Bankruptcy lawyer. He met with a group Columbus Bankruptcy attorneys to discuss debt issues.

Category: Legal
Keywords: Columbus bankruptcy lawyer,Columbus bankruptcy attorneys