Q. What Are Common Reasons People File Bankruptcy?
A. There are many reasons why someone would file bankruptcy. The most obvious is to eliminate debt.
Additional reasons include:
• To stop harassing, threatening, or annoying phone calls
• To stop wages from being garnished
• To end lawsuits or tax levies
• To force tax authorities to accept installment payment plans
• To terminate leases
• To lower interest rates
• To reduce amounts owed on loans
• To lower monthly payments on debts
• To protect assets
• To keep from losing a farm, restaurant, or other business
• To break contracts, such as timeshares
• To speed up or slow down a divorce
For more on this subject and many other frequently asked questions about bankruptcy and financial problems, check out Attorney Krekeler’s new book Bankruptcy, Asked and Answered: Answers to Frequently Asked Questions about Bankruptcy and Financial Problems. Need help with your financial situation immediately? Call us at 608-258-8555 today.