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One Missouri Woman’s Story Of Chapter 7 Bankruptcy

This week the St. Joseph, Missouri, News-Press covered some shocking Missouri bankruptcy statistic for 2009 and shared the story of one local woman’s struggle with credit card debt that ended in a petition for Chapter 7 liquidation bankruptcy.

The article tells the story of a young woman who because of the subject matter is going by the alias Angie. She is a single mom with a steady job and a solid credit score, but a high maximum on her credit cards makes her think it’s okay to spend a little extra and carry a balance. Soon, though, her life expenses began to pile up and she began spending more than she made. After she slowly spent her savings, she slowly began running up and maxing out four credit cars. Before she knew it, she was in debt $40,000 and had $700 monthly minimum payments.

Thousands of families find themselves in Angie’s position – single parents or families who simply spend a few hundred dollars a month more than they make can soon find themselves under a mountain of debt – and with quickly-rising interest rates into the 20s. Angie said she didn’t go crazy buying things she couldn’t afford, but that she simply bought an occasional item for herself or charged her children’s daycare costs.

Angie found that the best solution for her situation was filing for Chapter 7 bankruptcy in Missouri. She is now slowing rebuilding her credit with a credit card with a very low limit and is making sure to live within her means.

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