5 Reasons Americans Lose Their Money And File With A Kansas City Bankruptcy Lawyer

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. Sometimes financial predicaments spiral out of control. Overspending doesn't account for most bankruptcies. 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.

Of all the reasons that a person files for bankruptcy, medical expenses are at the top of the list. A Harvard study found that over half of all bankruptcies filed were due to medical expenses that people could not pay for. Out of those that filed, 78% had health insurance of some kind. 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. 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.

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. 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 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. If the time between decent paying jobs stretches out to months and years, bankruptcy sometimes is the only option for people to start over.

Thirdly, credit card debt or over-borrowing causes many bankruptcies. 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 are some common signs that you need a Kansas City bankruptcy lawyer. Call if you are missing debt payments, using credit to pay bills or other debts off, or have been dealing with collections.

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. Getting a divorce results in loads of legal fees, requires the dividing up of assets, and involves child support or alimony payments more often than not. It's no wonder many people find themselves in financial ruin afterwards. A bankruptcy can give those reeling from the fallout of a divorce the new start they need to make it.

The final most common reason for bankruptcy filing is unforeseen expenses. 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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