Nicknamed KC, Kansas City is the largest city in Missouri with a city population of almost 500,000 and a metro population amount of almost 2.5 million (Wikipedia.org). KC has many rich cultures, traditions, and serves as a strong business and sports center. With a variety of different markets and attractions, how does the city fare financially? What happens to KC businesses that go bankrupt or experience debt?

KC in History

So far into the 21st century, Kansas City has undergone an extensive redevelopment. KC’s downtown area has received more than $6 billion in improvements for a better Power & Lights District, a new retail and entertainment district, a large arena center, and other improvements built on improving tourism in the city. Over the past 20 years, the city has received more residents and an increase in its economy and budget. In addition to tourist developments, KC has been working on constructing a streetcar line and new single terminal at its international airport. (Wikipedia.org)

During the 2020 Pandemic

According to recent studies, KC’s budget has been struggling during the 2020 pandemic; as the city pays back refunds next year, anyone from outside of KC will claim earnings tax refunds after working outside of the city limits. This means less money will return to the KC government and also less people spending money in KC, and overall less KC revenue for 2020. The city’s debt has gown to the point each local taxpayer has an individual burden of almost $10,000. (KansasCity.com)

Commercial Debt Info

Is your Kansas City business struggling in the pandemic? Do you have commercial debt or does someone owe you commercial debt?

The interest rate is 9% for legal cases and judgments. Civil penalties for bad checks 3 times the face amount owed, plus attorney’s fees.

The statute of limitations laws include:

• 4 years for the sale of goods
• 5 years for open accounts
• 10 years for written contracts
• 10 years for domestic judgments
• 10 years for foreign judgments

For more information on Kansas City’s commercial debt collection laws, visit: https://psicollect.com/missouri/

Sources

https://en.wikipedia.org/wiki/Kansas_City,_Missouri

https://www.kansascity.com/news/politics-government/article243750322.html