The Most Common Types of Debt

Debt can come in a number of forms for a wide variety of reasons. Most people think debtors file for bankruptcy because they buy all kinds of luxuries they can afford. That is not always the case. Below is a list of the most common types of debt that can be discharged in bankruptcy:

  1. Credit Card Debt
  2. Medical Bills
  3. Mortgage Debt
  4. Vehicle Loans
  5. Unpaid Tax Debt
  6. Personal Loans

Debt occurs when a person is unable to make payments on loans or bills. Sometimes it’s due to a decrease in salary or the loss of a job. Bankruptcy is designed to give debtors a fresh start at life when their plate becomes too full.

If you have a large amount of debt that you’re unable to pay back, contact an experienced Phoenix bankruptcy attorney to discuss the options you have. To schedule a FREE consultation with Mesa bankruptcy lawyer JacksonWhite, call (480) 422-3440.

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