If you owe back taxes, have medical bills you cannot repay or afford, are behind on mortgage or car payments, or are constantly borrowing money to pay off your debts, filing bankruptcy could give you the relief you need. Bankruptcy is a legal option for individuals are in debt and unable to pay their bills on a regular basis. The bankruptcy court will not approve or deny a bankruptcy based on the reasons why you’re unable to pay their debt.
Individuals can get in debt for a variety of reasons, including the loss of a job, a death in the family, divorce, illness or many other reasons. An Attorney in Topeka KS can help an individual determine what type of bankruptcy they qualify for. Individuals could qualify for Chapter 13 or Chapter 7 bankruptcy depending on their income situation.
Chapter 13
Chapter 13 bankruptcy does not require an individual to repay all of their debt and is perfect for someone who has a regular source of income and a lot of assets they’d like to retain. This type of bankruptcy is a reorganization of their debts. A bankruptcy court will determine a repayment amount that is paid for a three to five-year people and then the bankruptcy will be discharged.
Chapter 7
Chapter 7 bankruptcy is a complete liquidation of assets that are not exempt from the filing. Even if the remaining assets only pay off a portion of the debt, the bankruptcy will be discharged and an individual will not be responsible for the rest of the payments. Chapter 7 bankruptcy is a good option for an individual who has a limited amount of assets.
Foreclosure Of A Home
Bankruptcy can stop the foreclosure of a home and repossession of a car. There are certain rules that a bankruptcy filer must abide by that an experienced Attorney in Topeka KS can explain.
Bankruptcy is a legal way for you to eliminate your debt and maintain assets you currently have. When you schedule a consultation with Business Name, you will find out what bankruptcy options are available to you. There’s no reason to remain to drawn in debt.
