5 Expensive Situations That Can Lead To Needing A Kansas City Bankruptcy Lawyer

Who plans on losing all their money and requiring assistance from a Kansas City bankruptcy lawyer? No one, but it still happens. Sometimes financial predicaments spiral out of control. Spending too much definitely plays a role in this problem, but credit card debt is not the main reason. 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.

At the top of the list for reasons to file for bankruptcy is medical expenses. More than half of bankruptcies resulted as a result of medical bills according to a Harvard study done on the subject. Sadly, 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. Instead of enduring mounting debt, harassment from bill collectors, and the stress and anxiety that a medical crisis brings, talk with a bankruptcy attorney to find out how to get free from your financial burdens.

The second highest cause for bankruptcy filings is listed as job loss. 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. 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. 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.

Taking out too many loans or spending too much on credit cards falls at number three on the list of bankruptcy causes. 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. Between dividing up assets, paying for a lawyer, and having to make child support or alimony payments, your own individual finances can be a wreck after. It's necessary to file for bankruptcy following a divorce to be able to truly start over.

Finally, the fifth most common cause behind a bankruptcy is simply 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. Rather than allowing the rest of your life to be ruined, get a hold of a Kansas City bankruptcy attorney. They can help you pick up the pieces, get a new start, and move on to the life that you want.

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