Having to file for bankruptcy is something that no one ever imagines they’ll have to go through. More people than you may realize have to file for bankruptcy. This year, Missouri is in 14th place for having the most bankruptcy filings. The numbers may seem astonishing. 14,489 bankruptcy filings have gone through as of September of 2015. For Kansas City bankruptcy lawyers those are more than just statistics. Those numbers represent the number of people and businesses they have been able to help get their lives back. The reasons behind each bankruptcy filing may be different, but everyone who files for bankruptcy has reached a point where they need help to start over. There are a variety of bankruptcy types that you can file under. 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. As different as each situation is, there are definitely some trends that statistics revealed about filings in Missouri this year. The vast majority of bankruptcies filed were chapter 7’s. Of the 14,489 that were filed by Missouri residents by September 2015, 69%, or 9,906 of them were chapter 7’s. This type of bankruptcy can be filed by individuals or businesses who have more debt than they can afford. 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. Creditors are not allowed to ask for anymore payment from you after that is accomplished, and the remainder of the debt is cancelled. Chapter 13 bankruptcies were the second most commonly filed in Missouri. They made up 4,537 or 31% of all the bankruptcies filed in that month. 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. Bankruptcy attorneys in Kansas City had 9% less filings than they did last year. All things considered, there were 3.23 bankruptcy filings per capita in September 2015. Out of all the other states in America, Missouri was the 14th highest bankruptcy filer. When your debt is beyond what you can handle, bankruptcy lawyers in Missouri are there to help you. 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. Instead of trying to solve your debt crisis on your own, talk with an attorney today. You’ll be glad you did.