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What are the most common
reasons for filing chapter 7?
The most common reasons for filing a Chapter 7 bankruptcy include such things as:
- extended periods of unemployment, causing the debtor to be unable to pay his or her debts as they become due
- large and often unanticipated medical expenses
- seriously overextended credit beyond the debtor's ability to repay, often accompanied by unreasonably high interest rates
- marital problems which lead to financial hardship, and;
- Other large unexpected expenses.
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