How Has Missouri Been Affected By Kansas City Bankruptcy Lawyers?

When people file for bankruptcy, they are at the end of their rope. Those numbers represent tens of thousands of individuals and businesses who were able to start over in some way when they really needed it. Each bankruptcy is different, and will need to be qualified under a specific categorization set by legal standards. The one you get will depend on a variety of factors. 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. No two cases are exactly alike. But statistics reveal some trends in Missouri filings this year. There were 14,489 bankruptcy filings completed as of September of 2015, and 9,906 of those, or 69%, were chapter 7’s. Chapter 7 is one of the more common consumer bankruptcy types filed by individuals or businesses who have more debt than they are able to pay. The process consists of liquidating assets to pay for as much debt as is possible, and then turning those funds over to a trustee who can pay what is liquidated to creditors. When the assets have been used to pay what can be paid, creditors can not ask for anything more. The rest of the debts are erased. 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. Depending on how much money you make, debt type, and how much you owe, you are responsible for paying back anywhere from 10% to 100% of your debt. The economy is still recovering from the 2007 recession, and this year saw more growth than in previous years. Accordingly there were less bankruptcies this year than last year. By this time last year, there were a full 9% bankruptcies filed by Kansas City bankruptcy attorneys. That was good news for residents in Missouri who still had 3.23 bankruptcy filings per capita in September of 2015. While Tennessee had the most bankruptcies filed to this point, Missouri is the 14th highest filer. When your debt is beyond what you can handle, bankruptcy lawyers in Missouri are there to help you. The causes of bankruptcy are many. But no matter what got you to your current financial predicament, a bankruptcy lawyer can help you find your way again. Find out exactly what you can do to live life in freedom from debt.