Why Do People Wind Up Hiring Kansas City Bankruptcy Lawyers?

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. There is a point where debt overwhelms a person's ability to pay it back. Excessive spending or the use of credit cards is only one possible reason. A lot of the time, unforeseen circumstances arise and leave people in financial devastation that can not be undone given the monthly income they make every year.

The vast majority of people who file for bankruptcy had no other option. The number one cause is medical costs. A Harvard study found that over half of all bankruptcies filed were due to medical expenses that people could not pay for. 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. 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. Many people are at a complete loss once their income is gone, and the bills keep coming in. Unfortunately medical issues often go hand in hand with job loss, meaning that many lose out on income exactly when they need more. In the past decade especially, many people have experienced layoffs without comparable jobs waiting to replace their income. The longer that a person struggles to find a job that pays them well, the more likely it is that a bankruptcy will be needed to pull them out of financial ruin.

In the middle of the list of bankruptcy causes is excessive borrowing or 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. 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. Everyone wants to be able to start over after a divorce. Sometimes, a bankruptcy is the only way to really do that.

In general, unforeseen expenses make up the fifth most common cause for bankruptcy. Most people don't have the money to replace their car, much less their home. When something like this is lost, it can create problems in other financial aspects as well. 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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