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What Are The Causes Of Bankruptcy?

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Anonymous Profile
Anonymous answered
I Say don't Ever DEclare Bankruptcy Ever,Always Pay your Depts on Time and never Borrow Too Much Money That you don't Need At All,And Always look to alternatives to Borrow Money that you don't Need,Like Investment in the Bank,Or Perhaps Look For a Cheaper But Better House,Memories don't Last Forever,Home is where the real Love of Family IS,Its Never in A House Or At How Much Money you Have.
Regine Kelly Profile
Regine Kelly answered

  Filling for bankruptcy is an important decision, so applicant should be very cautious and
  should have proper mind to do the same. First of all you must provide all the
  information and details related to your bankruptcy to the attorney.

Anonymous Profile
Anonymous answered
Analysis of what causes PERSONAL bankruptcy or BUSINESS bankruptcy - 1casio and mhm m are correct - too much debt. More expenditure, less profit, and less savings or no savings at all.

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Arlene Fernandes Profile
A leading cause which leads to bankruptcy would be medial bills due to serious illnesses or medical problems. Even those with health insurance are at risk. This is because you could temporarily lose health insurance or medical problems could result in losing your job which means loss of health insurance. You could also be faced with a certain income loss if you are unable to put in your work hours.

Other common causes would include lawsuits/garnishments; unemployment; highly over-extended credit; auto repossessions; marital problems; foreclosures; high interest loans and sudden large expenses.

You need to steer clear of bankruptcy by becoming aware of your financial shortcomings. Identifying the problem in the initial stages can go a long way in keeping bankruptcy at bay.

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