The truth is that most people think they know who is most likely to file for a bankruptcy. This type of thinking can keep people from reaching out for the help they need. In truth, delaying a visit to a Kansas City bankruptcy lawyer does little but keep you from getting out of debt, and stretches out the amount of time you spend under stress and financial strain. 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.
Everybody makes mistakes. 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. More and more people who are filing for bankruptcy are older, more responsible and married. Financial planning and foresight is so vital for families. But it doesn't always protect you from each and every circumstance in life. While irresponsibility with finances may be one aspect for some filers, there are many more who were taken completely by surprise later on in their lives.
The numbers show that men and women file bankruptcy at nearly the same rate, 48 to 52 respectively. Your marital status doesn't protect you either. The number of married couples filing has grown in the past four years. Over 64 percent of those who filed for bankruptcy in 2010 were married, including some who filed jointly. Just 17 percent were single, 15 percent were listed as divorced, and 3 percent were widowed. Marriage often increases debt and financial burdens. While it may make you more responsible, it can also increase the amount of stress you take on. Even with the best planning, it's impossible to know how every situation will turn out.
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. 36 percent of people who filed in 2010 had a high school education. While 29 percent listed that they had some college, 20 percent had earned a bachelors or higher. Shockingly, the number of those with higher educations rose by 16 percent in just four years. No one is completely immune from a bankruptcy, regardless of how educated you are.
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. Interestingly, the number of those who make over $60,000 annually and filed for bankruptcy grew by around 4 percent. More money is a big help in keeping up with living expenses. But it can't help with every financial need, especially unexpected ones. No matter who you are, how much you make, or how educated you are, bankruptcy can become a need. Reach out and find a good Kansas City bankruptcy lawyer to help you get out of a tough time, and move on with your life.
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