Bankruptcy is a last resort for people to turn to. But when you need it, the help can be incredible. Filing for bankruptcy is not uncommon. That statement is even more true if you live in Missouri. Of all the states, Missouri comes in 14th place for bankruptcy filings. September brought the number of filings for 2015 up to 14,489. Those numbers represent a full and busy year for the Kansas City bankruptcy lawyers dedicated to helping people and businesses get out of the debt that has held them back for so long. 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. With the help of a Kansas City bankruptcy attorney you can find out exactly what can be done based on your debt amount and type, income, living situation, and current life circumstances. As different as each situation is, there are definitely some trends that statistics revealed about filings in Missouri this year. Of the 14,489 bankruptcy filings completed just in September of 2015, 9,906 or 69% were chapter 7’s. A chapter 7 can be filed by either an individual or a business, and applies to most kinds of debts. 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. After chapter 7’s, chapter 13’s make up the most filings. Of all those filed, 4,537 bankruptcies were chapter 13. That makes a total of 31% of all bankruptcies filed in Missouri. This type of bankruptcy allows people to get on some type of payment schedule while avoiding continual interest buildups. This can last anywhere from three to five years. This is all determined based on your income, debt amount and type. Based on that information, you will pay back anywhere from 10% to 100% of your debt amount. Fortunately, the number of bankruptcies has decreased since 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. In good times and bad, through recessions and economic booms, bankruptcy lawyers in Missouri continue to provide services to individuals, families, and businesses who need a way out of their debt. 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. Learn about what can be done to help you take the steps you need to live in financial freedom.