Bankruptcy Causes

Bankruptcy Causes In Orange County California 

According to federal bankruptcy court statistics almost 13,000 southern California residents in 2013 and a large percentage of these are in Orange County, California. Many times there is no one particular reason  or event that sends someone into financial instability. More often than not severe financial strain, and ultimately needing to file bankruptcy, is due to a long chain of events with some events, issues or lifestyle changes having more of an impact that others. Common bankruptcy causes include, but are not limited to:

Divorce

Job loss

Change in economy

Mortgage rates adjusting

Severe illness or physical injury

Being the victim of an accident caused by another’s negligence

Huge amounts of unsecured debt

Death of spouse (especially if they are primary wage earner)

Heavy student loan debt

These are very typical bankruptcy causes for those residing in the Newport Beach, Huntington Beach and Irvine, California areas. There are other secondary factors as well such as severe financial mismanagement, bad decision making and being the victim of embezzlement or having an unscrupulous business partner or accountant.

Regardless of why you are carrying a heavy financial burden you have the same options for financial relief as anyone else. Filing bankruptcy, whether it be in the form of a Chapter 7 or a Chapter 13, may be an option for most OC residents who are barely hanging on financially.

To learn more about your debt relief options your best bet is to consult with an experienced Orange County California Bankruptcy Lawyer. Contact Newport Beach Bankruptcy Attorney Dennis Connelly today by dialing (949) 270-0904.

Mr. Connelly offers free consultations to Orange County residents who are treading water financially. He has many years experience handling bankruptcy cases in California. Let him put his experience to work for you.