Why do People File Bankruptcy?

Here are the top reasons why people file for bankruptcy:

1. Credit card bills (63%)
2. Job loss or pay cut in the family (50%)
3. Mismanagement of personal finances (37%)
4. Medical bills (28%)
5. Difficulties with a business they own (15%)
6. Divorce or breakup of a marriage (13%)
7. Lawsuit or legal bills (12%)
8. Taxes (10%)
9. College expenses (8%)
10. Death in the family (7%)
11. Gambling debts (2%)