8. Going to Jail
Going to jail leaves some people broke. Home loans, cars loans, child support and other debts don’t pay themselves while you are behind bars. And that outstanding and mounting debt can cause a person to lose everything.
“It’s smart to make a financial plan before you go and perhaps even file bankruptcy to give yourself a clean start when you get out,” said Randy Tarpey, owner of accounting firm Sickler, Tarpey and Associates, which has offices in the Pennsylvania cities of Altoona and Tyrone. “Otherwise, you can end up going to financial jail for longer than real jail.”
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