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If you’re under financial stress, it’s important to remember you’re not alone. Every year, more than a million Americans file for bankruptcy in order to control their debt. If you’re falling behind and don’t see a way out, talk to a bankruptcy attorney to learn about your options. Here are four common reasons why people across the country fall into bankruptcy:

1.     Medical Bills: Medical expenses cause more than half of all bankruptcies in the U.S. Surgery and treatment for many conditions and diseases can add up into the hundreds of thousands. And with most Americans uninsured or underinsured, there is no way to pay back these piling expenses along with interest. If you have no way to repay your medical bills, talk to a bankruptcy lawyer about how you can erase your debt and start over.

2.     Unemployment: Since the economy collapsed in 2008, thousands of people have lost their jobs. Without a regular salary, it’s impossible to stay current on house payments and car loans while struggling to support your family. Work with a knowledgeable bankruptcy lawyer to learn about your options.

3.     Credit Cards and Loans: Even with an income, too much spending leads to piling up debt. As you continue expanding lines of credit and taking out more loans, interest rates rise, making repayment impossible. With a majority of America in major debt to their credit card companies, bankruptcy attorneys see a large number of clients who need to file bankruptcy in order to get a fresh start.

4.     Divorce: Divorce is a sad and stressful time for a couple, and afterwards, one or both parties may be in major debt. Child support, alimony, lawyer fees, dividing assets, and establishing a new life can take its toll on your finances. Unfortunately, after your divorce is complete, you may need to speak with a bankruptcy attorney to get your finances back under control.

No matter what the reason for your debt is, filing bankruptcy is an opportunity to get a fresh start on your finances. For advice or representation, talk to the Chicago bankruptcy attorneys at Cutler & Associates, Ltd.