Current Bankruptcy Trends That Kansas City Bankruptcy Lawyers See

Bankruptcy is something that no one ever wants to have to file for. While many fear the stigma attached to bankruptcy filings, the truth is that you are not alone. Missouri takes a high place on the list of highest bankruptcy filings in the nation, coming in at 14th this year - that's an important statistic for Kansas City bankruptcy attorneys. September brought the number of filings for 2015 up to 14,489. Those numbers represent a full and busy year for the Kansas City bankruptcy lawyers dedicated to helping people and businesses get out of the debt that has held them back for so long.

When people file for bankruptcy, they are at the end of their rope. Those numbers represent tens of thousands of individuals and businesses who were able to start over in some way when they really needed it. Each bankruptcy is different, and will need to be qualified under a specific categorization set by legal standards. The one you get will depend on a variety of factors. When Missouri residents need a Kansas City bankruptcy lawyers, they have access to the best. With professional help you can find out what is best for your specific situation, and be on your way to a new start. No two cases are exactly alike. But statistics reveal some trends in Missouri filings this year.

Of the 14,489 bankruptcy filings completed just in September of 2015, 9,906 or 69% were chapter 7's. This type of bankruptcy can be filed by individuals or businesses who have more debt than they can afford. Any assets that can be sold for money are, and that money is given to a trustee who then pays creditors. Creditors are not allowed to ask for anymore payment from you after that is accomplished, and the remainder of the debt is cancelled.

The second most common type of Missouri bankruptcy in September were chapter 13's. A total of 4,537 or 31% of bankruptcies filed were under the category of chapter 13. This type of bankruptcy allows people to get on some type of payment schedule while avoiding continual interest buildups. This can last anywhere from three to five years. Depending on how much money you make, debt type, and how much you owe, you are responsible for paying back anywhere from 10% to 100% of your debt.

The economy is still recovering from the 2007 recession, and this year saw more growth than in previous years. Accordingly there were less bankruptcies this year than last year. At the exact same time in the previous year, Kansas City bankruptcy attorneys had filed 9% more than they have currently. These numbers resulted in a total of 3.23 bankruptcy filings per capita by September 2015. While Tennessee had the most bankruptcies filed to this point, Missouri is the 14th highest filer.

In good times and bad, through recessions and economic booms, bankruptcy lawyers in Missouri continue to provide services to individuals, families, and businesses who need a way out of their debt. The causes of bankruptcy are many. But no matter what got you to your current financial predicament, a bankruptcy lawyer can help you find your way again. Find out exactly what you can do to live life in freedom from debt.

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Kentner Wyatt, LLC 435 Nichols Rd #200 Kansas City, MO 64112 (816) 527-0010