${site.data.firmName}${SEMFirmNameAlt} ${site.data.firmName}${SEMFirmNameAlt}
254-633-2876 | fax 866-825-8786
Main Menu
  • Let
    Our
    Family
  • Help
    Your
    Family
  • Free No Obligation
    Bankruptcy
    Consultations

Bankruptcy Attorney
Helping People Of Waco
Find Debt Relief

Sudden wealth leads many into debt

There is an idiom which goes "be careful what you wish for, you may get it." This saying is a warning that your fondest dream may actually turn out to be a nightmare. Take for example winning the lottery. It may seem that nothing could be better than plunking down a buck or two on a ticket and getting back millions of dollars. But the reality is that lottery winners often end up worse off financially than they were before their numbers were drawn.

Reportedly, almost one-third percent of lottery winners actually end up declaring bankruptcy. Why does this happen? Well, perhaps some of these winners overestimate just how much money they actually get. Once the taxes are taken out, a lottery prize could be substantially smaller than anticipated.

Additionally, a lottery winner who has never had much money could find handling the new-found wealth extremely daunting. The fact is, wealth management is a complex and important skill. Without knowing how to manage large sums of money, it can be all too easy to exhaust a recently acquired fortune and even go into deep debt.

And it is not just lottery winners who go deeply in debt in spite of having a seemingly bottomless wellspring of wealth. The same sort of thing can happen to anyone who has a sudden windfall in the form of an inheritance or a successful investment.

Unfortunately, when people lose large amounts of money, they all too frequently also go into very severe debt. And if you have experienced such a reversal of fortune, you may want to seek the assistance of an experienced bankruptcy attorney. The attorney can help you choose a form of debt relief that best suits your specific needs.

No Comments

Leave a comment
Comment Information
National Association of Consumer Bankruptcy Attorneys The College of the State Bar Of Texas Greater Waco Chamber of Commerce Member Logo

Office Location

The Kehl Law Firm, P.C. 3715 Bellmead Dr Waco, TX 76705

254-633-2876

Fax: 866-825-8786

Waco Law Office Map

Review Us

Connect With Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy