One of the myths that surround bankruptcy is that those who have filed bankruptcy are financially irresponsible. This myth is debunked by the fact that 42% of Americans that file, claim that it is due to medical expenses, of which 78% of those had medical insurance.

The second leading cause of bankruptcy, according to this bankruptcy attorney in San Diego, is unemployment. This creates a financial hardship that is difficult to recover from.

Excessive debts are the third leading cause of bankruptcy. Fifteen percent of those that file, claim that credit cards, large mortgages and expensive car payments forced them into bankruptcy.

Sources:
http://www.uscourts.gov/statistics-reports/caseload-statistics-data-tables
http://www.blclawcenter.com/
http://money.usnews.com/money/personal-finance/articles/2012/05/14/5-bankruptcy-myths-debunked