People file for bankruptcy for a lot of reasons, and there is sometimes the assumption that irresponsible spending was involved. However, this is not nearly as common as people may assume. Studies have actually shown that the No. 1 cause of personal bankruptcy in the United States is something you may not be able to avoid: Medical debt.
The main types of bankruptcy that can be filed for by individuals in Georgia are Chapter 7 bankruptcy and Chapter 13 bankruptcy. If you've never used bankruptcy before, you need to know the key differences to decide which one is right for you. They both offer advantages and disadvantages, and every situation is different.