5 Common Causes Behind 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. Not everyone can get out of the debt that they have on their own. While having a shopping addiction can land some people in financial trouble, this is not commonly the cause. 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. In over half of all bankruptcies, medical expenses were listed as the cause according to a Harvard study. Sadly, 78% of those people had some form of health insurance. Unfortunately, even being prepared with savings and health insurance doesn't completely safeguard against a medical crisis. When something like that hits people, the financial ramifications can last for decades. People often put off talking with a bankruptcy attorney. But when you can't pay your monthly bills because of your debt, miss payments on hospital bills, and endure harassment through letters and phone calls, it may be the only way to move on with your life.

Losing a job, and therefore income, is the second most common cause 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. In the last decade or so, many people have been laid off from one company without being able to find work that is comparable to their usual salary. After months or even years, filing for bankruptcy may be the only way to get back on their feet.

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. 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.

There is no part of your life that separation or divorce doesn't touch. Many don't realize the financial strain that comes along with it. 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. If you don't have the savings to handle major costs, such as losing your home in an earthquake, or buying a new car after an accident, it can lead to a snowball effect in other financial arenas. No matter what it is that got you here, you still have options. 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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