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A Sinkhole In Battlefield, MO – Family Declares Bankruptcy

Many people have the misconception that those who file for bankruptcy in Missouri simply don’t understand how to manage their money or simply spend more than they make. However, more often than not bankruptcy is used as a solution to an unforeseeable emergency. This was certainly the case for the White family, who filed for bankruptcy in Battlefield, Missouri, after their house literally sank into the ground.

Kasey and Kandice White were enjoying their new home in Greene County when their five-year-old son Danny discovered an enormous hole near the foundation. The sinkhole meant that their home was built on a rock joint – common in the Ozarks. Although the family could fix the hole for tens of thousands of dollars, the home’s value would plummet. And although the home had house insurance, sinkholes are not covered because they are considered an act of god.

In the end the best option for the Whites was to walk away from their home and the $50,000 of equity they had in it. The family declared bankruptcy and got a fresh start in a new home built on a solid foundation.

Your home is your biggest asset – and if it is irreparably damaged by an unforeseeable cause not covered by your home insurance, you could lose almost everything you have in one fell swoop. In times like these, bankruptcy may be the best option for you and your family. Especially if you are suffering from other financial strains – the Whites also had an unexpected surgery and a job loss – bankruptcy could be the answer for you.

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