Castle Blog

Bankruptcies Continue To Rise Sharply In Missouri

A new set of statistic has been published concerning the number of bankruptcies in Missouri, reports KOMU News Channel 8. The results are not surprising: as the stagnant economy continues and job losses rise, bankruptcy filings have risen 18% in Missouri and 30 percent nationwide.

In hard financial times, many are making the choice to start over and rebuild their credit by either filing for Chapter 7 or Chapter 13 bankruptcy. The vast majority of those filing for bankruptcy have gone through an illness, lost their job, or recently been through a divorce. Others are struggling with bad mortgages or credit card debt.

While many can fix their financial problems by tightening their belt, reorganizing their finances, or cutting back on expenses, others have found themselves with money problems with no other solution other than bankruptcy. Even though bankruptcy will appear on their credit record for seven years or more, it can be the best choice for some, especially in these times.