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

We can't see the future, and although no one deliberately makes decisions that lead to needing a Kansas City bankruptcy lawyer, it happens all the time. 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. 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. 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. Even the most conservative, careful spenders can find themselves in a bad medical situation that wipes out their 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. 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. 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. 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. It's time to find a good bankruptcy lawyer in Kansas City when you start missing your payments, using credit cards to pay for necessities, or using credit to pay for other debt.

Getting divorced changes your life forever. Divorces bring tons of legal expenses, force the dividing of assets, and usually involve some type of child support or alimony payments. It's incredibly expensive when it's all said and done. A bankruptcy can give those reeling from the fallout of a divorce the new start they need to make it.

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. Regardless of what the cause is, one thing is for sure. Instead of trying to deal with everything on your own, call up a Kansas City bankruptcy attorney and get the help you need to live the life you deserve.

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