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Bankruptcy: Who is to Blame?

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If you are considering bankruptcy as a solution to your financial problems, you are not alone. Bankruptcy is on the rise in this country as consumer debt piles higher and higher. Some people blame the creditors, making it too easy for most consumers to obtain credit. But creditors would argue that consumers have no sense of self control, taking on debt that they aren't sure they can repay. In reality, there are many different reasons that people file for bankruptcy.

Unemployment often results in bankruptcy. People tend to spend more when they make more and most people's lifestyles are centered around the amount of money they make. If that steady paycheck is suddenly ripped from your grasp, bankruptcy can be a harsh reminder that you should have planned for a rainy day. Most of the time, unemployment is no fault of your own, but often bankruptcy is. Too many people live beyond their means or without thinking about what they would do in a situation like unemployment. Bankruptcy is an all to easy answer for many of these people.

Another common reason for turning to bankruptcy for debt relief is medical expenses. Too many American's are without health insurance or underinsured. When the unthinkable happens and you are left with thousands, sometimes hundreds of thousands, in medical bills, there is often no answer other than bankruptcy.

Whatever your reason for considering bankruptcy, you know if it could have been prevented or not. Some situations are simply out of our control and bankruptcy is there to help you for that reason. Other situations are directly related to mishandling your finances. Bankruptcy is there to help you as well, but learn from your mistakes. Don't file for bankruptcy just because you can, make sure that you really need bankruptcy relief and that you can't handle it on your own before taking that drastic, often life changing, step to freedom from debt.

Timothy Gorman is a successful webmaster and publisher of He provides more debt relief, consolidation and bankruptcy as an option information that you can research in your pajamas on his website.

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