Unfortunately, many factors of your life as a teacher in Florida can come together simultaneously and make it challenging to cover all your payments. If you’re in this position and have had financial pressures combating you, you may need to resort to filing bankruptcy. Here are four common reasons why financial payments can become overwhelming and lead to bankruptcy.
Losing your teaching job
Having to step down from your job or losing it due to other circumstances can be devastating if you’re dependent on your job as a teacher to stay financially stable. Missing a regular paycheck can make it challenging to cover bills that don’t stop. Feeling this pressure may require you to resort to your savings. However, if it gets tapped out, you may have to get legal help.
Getting a divorce
Going through a divorce can be emotionally and financially destructive. If you have separated or been involved in a divorce, you may need to deal with expenses that can take a big chunk out of your bank account. The cost for legal fees or child support can add up quickly, forcing you to consider bankruptcy.
Paying unforeseen expenses
Dealing with unforeseen expenses due to fraud, theft or natural disasters can also take a toll on you financially if you’re stuck in this position. Recouping the losses may take more time than you have when bills are due.
Using credit poorly
It’s easy to start using credit to pay for bills. However, at some point, each creditor will need to be paid back. Having more than one financial setback occur can quickly put you into a position where bankruptcy is the only option.
Filing bankruptcy may be the right solution to help you recover from overwhelming debt. If you’re in this position, it’s important to learn about your options and prepare for the financial future.