You probably already know that we live in a litigious culture, but do you know what that means?
• Ninety percent of lawsuits in the world are filed in United States courts.
• Every thirty seconds a new lawsuit is filed.
• If you practice a profession or own your own business you have a 33% chance for every lawsuit being filed over the next year that you will be named as a defendant. And you can expect this to only get worse. There are close to 700,000 professional lawyers practicing in the U.S. and over 100,000 students in law school right now. That equals one attorney for every 400 women, men and children!
• Contingency Fee lawyers search for effortless targets.
Many of these unexpected events could leave you with a lawsuit resulting in heaps of debt.
• A injury claim or negligent matter, whether it is justified or not, that is beyond any insurance coverage you may have or where insurance does not cover the legal responsibility
• Breach of contract through no mistake or default of your own
• A professional malpractice lawsuit
• Lawsuits from infuriated disgruntled employees or business partners
• Devastating Divorce
• Enormous penalties and fines for violating state or federal law because of the dealings of an employee
• Claims from creditors from a business failure
• Huge unexpected catastrophic hospital bills
• Seizure of your house or other personal property without due process by the U.S. Customs or other government agencies with forfeiture authority
• A huge tax bill and escalating penalties following an IRS audit
• Depreciating home values
There are many more reasons that could be added to the above list. However, the point is many people will end up in debt from an unexpected lawsuit.
