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Speak With a Kansas City Business Bankruptcy Attorney About Keeping Your Doors Open The internet has changed business as we know it. An increasing number of consumers shop online from a national market instead of at local Kansas City stores. While this has been a boost to some companies, others have struggled to keep up. A side effect of our society’s growing reliance on online retailers is that fewer people are physically visiting mom-and-pop shops or traditional brick-and-mortar stores. This means smaller, local stores often struggle to pay rent, overhead and staffing. How Much Are Online Retailers Cutting Into Local and Specialty Stores’ Sales? A recent USA Today article shined a light on the rapid growth of the e-commerce industry and how online retailers are taking an increasingly larger share of sales away from their brick-and-mortar rivals as a result. The piece highlights US retail sales from the last two…
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New research released by the Washington D.C. think tank Urban Institute claims one in four Americans are struggling to pay past due medical bills – even those with health insurance. According to data from the study, people struggling to pay back these bills increase their reliance on credit cards and do not save for other emergencies. The Urban Institute study is a reminder that medical bills are still a problem for Americans, even though more than ever now have health insurance. How Can People with Insurance Accumulate Unaffordable Medical Debt? There are several reasons why people with health insurance can accumulate medical debt. You may have experienced one of the five following examples. High-deductible plans: Many health insurance policies have high deductibles. A deductible is the amount that must be paid before health insurance coverage pays for medical services. The IRS considers individual policies with deductibles of $1,300 or more…
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Whether you are approaching the end of your high school career or are seeking higher education later in life, you will have to answer the question: Where will I find the money to ensure a successful career? The vast majority of people seeking a college education will look to loans as their means of getting their degrees. There are a variety of institutions that are willing to fund an individual’s college aspirations, but what types of loans are best for you? What are the benefits of federal student loans? Here is a short list. You do not need a credit history to obtain federal student loans. Whereas most private loans require some sort of credit history, federal student loans are available to any enrolled undergraduate that can demonstrate financial need. Federal student loans do not require a co-signer. If you are young and do not have much credit history, you…
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An article in Missouri Lawyers Weekly highlighted the recent success of our Kansas City bankruptcy lawyers in settling a client’s student loan debt. The case illustrates how filing for consumer bankruptcy can provide a solution for what may seem like an impossible financial obstacle to individuals struggling to pay back their student loans. A Notable Victory for Student Loan Debtors Filing Bankruptcy Our client owed more than $400,000 in student loan debt after studying for a chiropractic degree. In addition to watching her startup chiropractic clinic fail, she also contracted viral meningitis and began suffering numbness as well as pain in her arm. These medical misfortunes, combined with the economic downturn, left her unable to make payments on both her student debt and medical bills. The combination of her student loan payments and living expenses meant that our client’s monthly net income, after paying for her living expenses, was only…
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