The Biggest Causes For Kansas City Bankruptcy Lawyer Cases In The U.S.

Who plans on losing all their money and requiring assistance from a Kansas City bankruptcy lawyer? No one, but it still happens. Not everyone can get out of the debt that they have on their own. Spending too much definitely plays a role in this problem, but credit card debt is not the main reason. Most of the time families are faced with a mounting crisis that wipes out their savings, and leaves them in a dire financial situation they simply can't handle on their own.

At the top of the list for reasons to file for bankruptcy is medical expenses. More than half of bankruptcies resulted as a result of medical bills according to a Harvard study done on the subject. It's not just being uninsured that is the problem. A whopping 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. If you are unable to pay your medical bills, deal with daily harassment from bill collectors, or find that you don't have any money left over at the end of the month for your needs, it's time to talk with a bankruptcy attorney.

Unsurprisingly, losing a job is the second most common reason for bankruptcy filings. Unless you're independently wealthy, you need income to pay your bills. Even with savings, most people can't afford to pay their bills for longer than a few months without a job. Often medical problems lead to job loss, resulting in higher bills and lost income. Getting laid off in a bad economy is something many Americans have faced in the last ten years. For them, finding work that pays them well can take a long time. It isn't easy to start over. Bankruptcy is sometimes the only option for those who have been jobless or at low paying jobs for years.

The third most common cause of bankruptcy filings is too much credit card debt. Whether it's borrowing more than you can afford, or missing payments on your credit cards, bankruptcy is sometimes the only way to get past a mountain of debt that would otherwise take a lifetime to pay off. If you are using credit cards to pay for necessities, to pay off other debt, or are only making the minimum or missing your payments altogether, it's time to call in a reputable bankruptcy lawyer in Kansas City to help you straighten your life out.

A separation or divorce is incredibly difficult on many levels. Between dividing up assets, paying for a lawyer, and having to make child support or alimony payments, your own individual finances can be a wreck after. Sometimes, a bankruptcy is the only way for people to truly start over following a massive change like that.

In general, unforeseen expenses make up the fifth most common cause for bankruptcy. Something dramatic, like losing your home in a financial disaster that isn't covered by insurance, can leave your life in shambles. It also affects other areas of your life. Regardless of what the cause is, one thing is for sure. 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.

If you're wanting to learn more about the lawyer industry it would be beneficial to check out this bankruptcy attorney Kansas City website.