You may find yourself weeding through collection letters and phone calls, wondering how you got here. However, some common scenarios may often lead to crushing debt.

Bankruptcy is one option you may want to consider to get yourself back on a steady financial path. Debt often becomes a vicious cycle, and digging out of it alone is costly and stressful. Discover common reasons people accumulate the debt that leads to despair.

Unexpected medical bills

When you get into an accident or find yourself with a serious medical diagnosis, the cost of treatment may take you by surprise. Even if you have healthcare, the out-of-pocket expenses may become overwhelming, especially if the illness or injury is serious. Medical debt is the leading reason people decide to file for bankruptcy. Part of this is due to the aggressive nature of medical collectors. Choosing between medical treatment and paying your other bills may put you in a bad position for recovery, both physical and financial.

Sudden job loss

Losing a job may prove catastrophic to your financial situation. Depending on your profession, you may find yourself out of work without a paycheck. With no steady income stream, you may start to slow-pay installment loans or stop paying some things altogether. Late fees add up, and some creditors, such as credit card companies, may raise your interest rates if you miss a payment. When you need a break from bills, you often get more.

Bankruptcy no longer carries the stigma it once did. Instead, it provides an option for getting out from under the weight of debt and on with your life.