Infographic – Bankruptcy Trends By Our Kansas City Bankruptcy Attorneys

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. Any assets that are able to be liquidated are, and those funds are turned over to a trustee who pays what can be paid to creditors. Creditors are not allowed to ask for anymore payment from you after that is accomplished, and the remainder of the debt is cancelled. Following behind chapter 7’s are chapter 13’s in Missouri. Of all those filed, 4,537 bankruptcies were chapter 13. That makes a total of 31% of all bankruptcies filed in Missouri. Following this type of declaration, a person is put on a payment plan lasting anywhere from three to five years, while avoiding interest payments in the meantime. You pay anywhere from 10% to 100% of what you originally owed to creditors. This amount is determined by your annual income, debt amount and the type of debt you have. 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. In total, that left Missouri with 3.23 bankruptcy filings per capita by September 2015. While Tennessee had the most bankruptcies filed to this point, Missouri is the 14th highest filer. It’s impossible to know what the future may hold. But when it comes to debt, you can be sure that Missouri bankruptcy lawyers will be there for you when you need it most. Whether you’ve lost a job, gone through a divorce, or wound up with credit card debt that has robbed you of your quality of life, a bankruptcy attorney can help you find out what your options are. There’s no reason to stay in debt. Talk with an attorney today.