Missouri Bankruptcy Trends By Kansas City Bankruptcy Lawyers

Bankruptcy is a last resort for people to turn to. But when you need it, the help can be incredible. While many fear the stigma attached to bankruptcy filings, the truth is that you are not alone. This year, Missouri is in 14th place for having the most bankruptcy filings; this is big news for Kansas City bankruptcy lawyers. 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.

Those numbers tell the story of thousands of individuals and businesses who got help when they needed it most. Not all bankruptcies are the same, and the one you qualify for will depend on your specific debt and financial needs. 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. While every set of circumstances is different, there are some definite trends in the filings that occurred in Missouri this year.

Of the 14,489 bankruptcy filings completed just in September of 2015, 9,906 or 69% were chapter 7's. Each bankruptcy reaches out to a specific category of people and debts. Chapter 7's can be for individuals or businesses, and extend to most kinds of debts. 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. 4,537 or 31% of all bankruptcies filed in Missouri in 2015 were chapter 13. 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. From personal information, such as the debt amount and type, and annual income you make, you wind up paying anywhere from 10-100% of what you owed.

There was a significant difference in the number of bankruptcies filed this year. Last year, Kansas City bankruptcy attorneys filed 9% less than they did at the same time the year before. These numbers resulted in a total of 3.23 bankruptcy filings per capita by September 2015. The statistics resulted in Missouri having the 14th highest rates of bankruptcy filings in America.

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. 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.

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Kentner Wyatt, LLC

435 Nichols Rd #200

Kansas City, MO 64112

(816) 527-0010