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Unexpected Debts that Can Lead to Bankruptcy

Unexpected debt can cause financial issues and Bankruptcy

Unemployment, poor management of credit cards and even divorce can push people into serious debt. In some cases, however, debt can come from unexpected sources – even some that may present themselves as opportunities.

And knowing how and when these more surprising sources of debt can arise can help you avoid getting caught in a debt trap that may be very difficult to climb out of later.

Sources of Debt

  1. A New Home

    Of course, buying a home comes with mortgage debt, which is to be expected. Where debt can start getting out of control, however, is when it’s time to move in, customize the home and/or make various fixes or updates in the process. A few hundred dollars for paint, a few thousand dollars for new furniture, etc. can quickly snowball into tens of thousands of dollars of debt. And this can be a setup for failure for new homeowners, especially if even just one more major thing goes wrong with the home and they need to borrow more money to make those repairs.

  2. A New Job

    Although new employment should theoretically help people pull themselves out of debt, this can backfire when the job becomes a reason to spend. For instance, a new job may motivate some to purchase a new work wardrobe or even a new vehicle (if the job comes with a raise, for instance). If this spending occurs before the earnings start coming in – and if the spending is exceeding the earnings (or the job doesn’t last but the elevated lifestyle persists), again, people can find themselves entrenched in debt.

  3. An Inheritance

    Similar to the new job opportunity, an inheritance (or some other type of significant financial windfall) can also cause people to incur debt when they end up overspending, rather than properly managing their funds. In fact, the real trouble can come when the overspending is one bigger purchases, such as vehicles or real estate. To avoid this pitfall, financial experts typically suggest only spending 1/3 of these types of windfalls (saving the other 2/3 for taxes and savings, respectively).

  4. A New Mobile Device

    Believe it or not, staying connected can also put you into debt, especially if you are signing longer-term service contracts and you are not fully aware of all of the associated fees.

If you are in debt and experiencing financial strain, the Bankruptcy law office or Robert M. Geller can help. Contact us today via our website, by phone at (813) 254-5696, or schedule a consultation online.

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$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
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St. Petersburg, FL 33701
T: (727) 532-3939


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23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320





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At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.