The people in Fall River are not very different from those from around Bristol County or the rest of Massachusetts, and file bankruptcy for the exact same reasons. This post we will delve into the different reasons why people need a bankruptcy lawyer to file bankruptcy in Fall River and Bristol County Massachusetts.
Job loss or significant change in income is the leading cause of bankruptcy in Fall River. More accurately, we could define this as a change of employment or income. Many people stay with the same company but must be forced to take a position with less pay or a position at a different location, where travel and this expense become a deciding factor. People need not simply lose a job, they may also lose a different source of significant income. For some this may be a business venture that went bad or someone who is a residential landlord, taking a hit from numerous apartments being empty or tenant simply not paying the rent. Many people in this area live paycheck to paycheck, or something very close to that. In situations such as this, any type of significant change in job or income read many individuals forced into the decision of filing for bankruptcy.
The second most prevalent reason for bankruptcy filing is either divorce or the breakup of a significant relationship, usually when both parties share a home together. This is actually a close runner-up for the number one spot, but only by a small margin has been placed at number two. Many people do not realize during the emotional time of the divorce or the splitting up a long-term relationship for both parties live together, what the natural ramifications will be to the situation once they are apart. The simple fact is two people who were either living paycheck to paycheck or even living comfortably, once faced with supporting two separate households are most likely looking into bankruptcy in their near future.
Medical issues such as disease, cancer, heart disease and other disabling medical conditions, which may time are the results of motor vehicle accidents, force people into bankruptcy. Medical reasons for filing bankruptcy are a double-edged sword, initially, you have the loss of time and work the snow income and in many situations, with people who do not have adequate health insurance, the medical bills become the primary reason for filing bankruptcy. When the combination of loss of income through medical reasons and in many cases the extreme medical debt that comes afterwards, forces most of those in this situation to file for bankruptcy.
Lawsuit judgment and the possible attachment onto real estate is our final reason why most people file for bankruptcy. Lawsuits in themselves if you ever wish to fight them are extremely expensive due to attorneys fees, because defending yourself there is no financial benefit in to gain in winning, most of the time you’re fighting simply to not suffer monetary damages in the end. If that wasn’t bad enough, after receiving a judgment on that lawsuit, the plaintiff in the case may seek to garnish your wages and take that judgment directly out of your paycheck. In most situations, this is too much for the average family to bear and thus they are forced to file for bankruptcy. As if that was not bad enough, lawsuits come with a special danger for those who own real estate. For those who own real estate, lawsuits that ending judgment against the defendant can be attached to that person’s real estate. This means that once the attachment is placed, that person cannot sell remortgage or transfer the property unless that judgment is settled including interest. This is a situation of forcing many people into bankruptcy, simply because they cannot use the equity in their home any longer or sell their property if they cannot afford it. If the judgment is on your residential property and you have a homestead, you may also use bankruptcy to remove the attachment, if you did not file for bankruptcy prior to judgment being reached.
Joseph F. Botelho, Esq.
BOTELHO LAW GROUP
Attorneys At Law
901 Eastern Ave.
Fall River, MA 02723