All of us have stereotypes. Deciding who is most likely to need a bankruptcy is no different. Avoiding a bankruptcy because you don’t want to be stereotyped can have dire consequences. The only thing that avoiding help from a Kansas City bankruptcy lawyer does is to keep you from moving on past your life of debt and into a better life. To the surprise of many, bankruptcy is a necessity for people from all walks of life, with a wide variety of financial situations and a story that led them to the point where they are currently. Mistakes can indeed limit our options in life. But a lot of the time, people limit themselves as well.
The reason for your bankruptcy should not influence whether or not you seek out professional help. Whether you put too much on credit cards or went through a recent divorce, you can still find the help you need to live out a bright future. In the past, older married couples were less likely to file for a bankruptcy. Those numbers have changed. Financial planning and foresight is so vital for families. But it doesn’t always protect you from each and every circumstance in life. Being irresponsible with money can certainly affect your chances of needing a bankruptcy at some point or another.
But it is not the only factor. The numbers show that men and women file bankruptcy at nearly the same rate, 48 to 52 respectively. More married couples have filed for bankruptcy than in previous times. In 2010, the breakdown for marital status showed that 64 percent of people who filed for bankruptcy were married, 17 percent were single, 15 percent divorced, and just 3 percent were widowed. That is a surprising fact to a lot of people who imagine that married couples have double the income and a more responsible outlook on life. No matter how much you plan, the future is unpredictable. Getting a good education doesn’t totally prevent you from falling into a financial crisis later on. There are people from representing every educational background.
Of those who filed in 2010, 36 percent had a high school education. There were 29 percent who had attended some college. Those with a bachelor’s or higher came out at 20 percent. The number of those with higher education filing has risen by 16 percent in the past four years. The moral of the story is that those from all backgrounds and walks of life find themselves in need of help from time to time. A final contributor to bankruptcies is income. Around 60 percent of all bankruptcy filings were given to people who made less than $30,000 a year.
Surprisingly, the amount of people who earned over $60,000 a year in salary and filed for bankruptcy grew by four percent. Having more money at your disposal is definitely helpful in keeping your head above water, but there are still financial crises you can not afford. There’s no reason to feel ashamed or put off talking with a bankruptcy lawyer in Kansas City. Regardless of who you are, how much you make, or how prepared you tried to be, help is there when you need it most. Don’t hesitate.