Understanding Where Kansas City Bankruptcy Lawyers Fall In The Big Scheme

Bankruptcy is a last resort for people to turn to. But when you need it, the help can be incredible. More people than you may realize have to file for bankruptcy. This year, Missouri is in 14th place for having the most bankruptcy filings; this is big news for Kansas City bankruptcy lawyers. In total, there have been 14,489 bankruptcy filings as of September 2015. For Kansas City bankruptcy lawyers those are more than just statistics. Those numbers represent the number of people and businesses they have been able to help get their lives back.

Those numbers tell the story of thousands of individuals and businesses who got help when they needed it most. Not all bankruptcies are the same, and the one you qualify for will depend on your specific debt and financial needs. When Missouri residents need a Kansas City bankruptcy lawyers, they have access to the best. With professional help you can find out what is best for your specific situation, and be on your way to a new start. Be that as it may, there are some consistent similarities and trends that lawyers saw this year in Missouri.

There were 14,489 bankruptcy filings completed as of September of 2015, and 9,906 of those, or 69%, were chapter 7's. Each bankruptcy reaches out to a specific category of people and debts. Chapter 7's can be for individuals or businesses, and extend to most kinds of debts. All assets are examined in this type of bankruptcy. Whatever can be sold is, and at that point a trustee is put in charge of paying that money to creditors. Once that has been done the remainder of the debts are cancelled, and creditors can no longer ask for anymore payment.

Chapter 13 bankruptcies were the second most commonly filed in Missouri. 4,537 or 31% of all bankruptcies filed in Missouri in 2015 were chapter 13. These types of bankruptcies help people make manageable payments on a three to five year schedule. You pay anywhere from 10% to 100% of what you originally owed to creditors. This amount is determined by your annual income, debt amount and the type of debt you have.

There was a significant difference in the number of bankruptcies filed this year. At the exact same time in the previous year, Kansas City bankruptcy attorneys had filed 9% more than they have currently. These numbers resulted in a total of 3.23 bankruptcy filings per capita by September 2015. Out of all the other states in America, Missouri was the 14th highest bankruptcy filer.

Regardless of what the economy is doing, bankruptcy lawyers in Missouri are there when you need it. Through layoffs, divorce, medical crises, and consumer debt, a good bankruptcy attorney can help you get back on your feet again. Find out exactly what you can do to live life in freedom from debt.

If you'd like to find out more on the lawyer industry it would be beneficial to check out this Kansas City bankruptcy attorney website.

Kentner Wyatt, LLC 435 Nichols Rd #200 Kansas City, MO 64112 (816) 527-0010