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What are some of the most prevalent causes of financial strain?

On Behalf of | Oct 7, 2022 | Bankruptcy Law

While dealing with financial strain may rarely be easy, similar types of issues continue to be a reality for many individuals. Issues with debt can build up over time or seem to appear overnight, and the fallout thereof could leave individuals in Maryland in search of ways to safeguard their futures. Knowing some of the most prevalent causes of debt concerns may help a person prepare a strategy to ward off the repercussions thereof or shed a light on how to tell when it might be time to seek relief through the appropriate channels. 

Issues with debt can arise under a multitude of scenarios and it might not always be easy to keep such trials at bay. Some of the most prevalent sources of financial strain may include: 

  • Changes in income:  Loss of employment is one example of a scenario in which one might experience a significant change in income and such issues could lead to dire financial concerns. 
  • Illness and injury:  Medical expenses stemming from the onset of a medical condition or injury could also prove extensive in nature and medical bills continue to be a leading cause of debt concerns. 
  • Emergency expenses:  Emergency expenses could place significant strain on one’s finances and while building a safety net may help ward off similar issues, this might not always be possible. 
  • Overspending:  Studies indicate that overspending is another leading cause of financial strain and those who struggle to change their lifestyles to match their financial situations may be at greater risk of encountering similar issues.

Changes in life such as the end of a marriage could also prompt periods of financial strain and leave a person in search of insight into the available options with which to seek relief from the burden of debt. 

Those who struggle under high levels of debt and wish to take the necessary measures to pursue much-needed relief might not always know how to choose the best available path for relief. Fortunately, this isn’t something one must face alone, as there are attorneys who can evaluate a person’s situation and provide guidance on the next steps to take. A bankruptcy attorney in Maryland can work with a client in choosing a path that aligns with his or her needs and assist in navigating every step of the process.