Anyone Can Wind Up Needing A Kansas City Bankruptcy Lawyer

Despite the fact that everyone wants to deal well with money, not everything always goes as planned and many people find themselves in need of a Kansas City bankruptcy lawyer. Not everyone can get out of the debt that they have on their own. Excessive spending or the use of credit cards is only one possible reason. More often than not some kind of crisis occurs, and there either isn't any savings or there isn't enough to deal with the fallout.

The vast majority of people who file for bankruptcy had no other option. The number one cause is medical costs. More than half of bankruptcies resulted as a result of medical bills according to a Harvard study done on the subject. Sadly, 78% of those people had some form of health insurance. Bad things happen to good people all the time, and a bankruptcy can wind up being your best option regardless of the precautions you take and the way you plan for your finances. When medical bills have ruined your life, led to harassing phone calls from bill collectors, and left you with zero money at the end of the month, a bankruptcy attorney can help you get a fresh start, and live your life again.

The second highest cause for bankruptcy filings is listed as job loss. When you need a job to pay your bills, it's easy to see how you can wind up in a bad financial predicament without one. Others end up losing their job in the midst of a medical crisis, leading to a compounded and difficult financial predicament. In the past decade especially, many people have experienced layoffs without comparable jobs waiting to replace their income. After months or even years, filing for bankruptcy may be the only way to get back on their feet.

Thirdly, credit card debt or over-borrowing causes many bankruptcies. Some people are chronic spenders, while others start to miss payments on credit cards that eventually snowball into massive debts. The problem with debts is that what you owe only grows. It's easy to see how missed loan or credit card payments can quickly get out of hand. There's no doubt that debt can ruin your life. If you have been missing payments on loans or credit cards, using debt to pay for your normal bills or on other debts, or are facing court with collections, it's time to call a Kansas City bankruptcy attorney.

Getting divorced changes your life forever. Dividing assets, paying legal fees, and dealing with child support or alimony payments can sometimes leave people with depleted savings and little income left over to pay bills and live. It's necessary to file for bankruptcy following a divorce to be able to truly start over.

In general, unforeseen expenses make up the fifth most common cause for bankruptcy. If you don't have the savings to handle major costs, such as losing your home in an earthquake, or buying a new car after an accident, it can lead to a snowball effect in other financial arenas. When everything else is falling apart, take comfort in this. There is somewhere you can turn to. Rather than allowing the rest of your life to be ruined, get a hold of a Kansas City bankruptcy attorney. They can help you pick up the pieces, get a new start, and move on to the life that you want.

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