Top 5 Reasons People End Up Using 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. 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. More often than not some kind of crisis occurs, and there either isn't any savings or there isn't enough to deal with the fallout.

The vast majority of people who file for bankruptcy had no other option. The number one cause is medical costs. A Harvard study found that over half of all bankruptcies filed were due to medical expenses that people could not pay for. The vast majority, 78% of those people had some form of health insurance. Bad things happen to good people all the time, and a bankruptcy can wind up being your best option regardless of the precautions you take and the way you plan for your finances. 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. 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. 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. 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. 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. 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. 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. Sometimes, a bankruptcy is the only way for people to truly start over following a massive change like that.

There are sometimes extreme expenses that result from an unforeseen instance. These make up the fifth most common cause for bankruptcy filings. 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. Everything else may be up in the air, but you can count on one thing. A Kansas City bankruptcy attorney can help you get past your financial troubles, and on to a better future.

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