If you’re in financial difficulties and considering bankruptcy, you are not alone. More than 1.5 million Americans file bankruptcy each year. The majority are filed by individuals, not businesses. Here are some of the top reasons bankruptcies are filed.

1. Overwhelming Medical Expenses. The statistics prove that having medical insurance may not be enough. A Harvard study showed that more than 60% of bankruptcies are filed because of medical bills. Of those filing, 72% have insurance coverage. A catastrophic illness can create catastrophic financial problems. The answer may be to file for bankruptcy.

2. A Reduction in Income. The big recession brought pay cuts to many and some have not recouped from those cuts. Businesses can cut their expenses by cutting their payroll. For the employee, that cut make it impossible for them to meet their expenses. One of the consequences of a major cut in pay may be talking to a bankruptcy attorney.

3. The Loss of Employment. When the paycheck stops, a person has no choice but to look to their savings and assets to try to keep their head above financial hot water. It doesn’t always work – even if the person received severance. There may be extra expenses connected to the loss of a job – like paying for your own insurance or COBRA insurance which can be costly. In a tight job market, that new job may be hard to find and your financial cushion may not be able to take the pressure.

4. You have Credit Debt. It can be the result of over spending, but credit debit can also be the result of things out of a person’s control. It could be an illness. A person may become disabled. It can be that reduction in pay or job loss. It’s easy to max out credit cards if you’re using them for essentials like rent or food or utility payments.

5. You’ve Divorced. Divorce is a major change in lifestyle. Where there were two – as in two incomes – now there is one. You can even end up being responsible for a debt your partner incurred. You may not have ever known that debt existed until you get the bill or the phone call from a collector. Again, bankruptcy may be the best – or only – answer.

6. You have an Emergency. Emergencies come in all shapes and sizes. It could be a car accident or a car breaking down. It could be a hole in the roof or a need to replace your heating and cooling system. It could be a fall with an injury or an illness. It is something so expensive that you simply can’t handle it. You need help – possibly from a bankruptcy attorney.

Whatever your reason, when you find yourself losing sleep trying to figure out the best path to get out of financial difficulties, it’s time to get help. Most bankruptcy attorneys offer a free first visit – take advantage of that offer to explain your financial problems to an experienced expert. Find a bankruptcy attorney who can advise you of all your options and thoroughly explain each one to you. If bankruptcy is the best option, an experienced bankruptcy attorney can help you get back on firm financial footing to create a successful future.