In America, You Need A Kansas City Bankruptcy Lawyer In These 5 Scenarios

No one plans on needing a Kansas City bankruptcy lawyer at some point in their life, but a lot of people find themselves in impossible financials situations that require one. There is a point where debt overwhelms a person's ability to pay it back. While having a shopping addiction can land some people in financial trouble, this is not commonly the cause. The majority of the time something comes up in the form of a crisis, and the money simply isn't there.

At the top of the list for reasons to file for bankruptcy is medical expenses. 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. No matter how prepared you are, bad things can happen and take a massive toll on 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.

Losing a job, and therefore income, is the second most common cause for bankruptcy filings. Monthly bills don't stop coming in just because you aren't making money. It doesn't take long for that to spiral out of control. Typically, problems go hand in hand. A medical crisis can lead to a job loss, meaning that right when your bills skyrocket, you lose your income. In the past decade especially, many people have experienced layoffs without comparable jobs waiting to replace their income. 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. As time passes, loan and credit debt increases, making it more and more difficult to pay off. Once you start missing payments it can get out of control quickly. 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. 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. Whether it's something major like losing your house in a disaster that your home insurance won't pay for, or totaling your car, these types of big expenses can have an effect on every other area of your finances. 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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