Mounting debt is something no one wants to deal with, especially when a person is facing other issues, such as the loss of a job. It can quickly become overwhelming and stressful when there are not enough funds to repay the debt. With this information, individuals will better understand why they should consider hiring a Lawyer in Topeka KS. Hiring a lawyer gives couples and individuals the guidance they need to make sound decisions that will help them legally get out of debt as quickly as possible.
What Types of Bankruptcy Are Available?
There are two main types of bankruptcy for couples and individuals to file, depending on their type of debt and the income they have. It is imperative individuals meet with a Lawyer in Topeka KS so they will be able to learn about each of these types and make a sound decision for their financial needs.
Chapter 7 is a type of bankruptcy that allows individuals to overcome their debt reasonably quickly. Most people can settle their debt within six months. This type of bankruptcy is most beneficial for those who have mostly unsecured debt. Some individuals will be required to submit their non-exempt assets, so they can be liquidated to pay off the debts. A third-party trustee is placed over the bankruptcy, and they are in charge of liquidation and absolving liabilities.
There is also the option of Chapter 13, which is a type of bankruptcy that is most beneficial for those with secured debts. Chapter 13 can help protect a person from losing their home due to foreclosure. This type of bankruptcy gives a person a period of three to five years to pay off the debts they owe through a structured payment plan. Making these payments each month is vital for ensuring the debt is adequately taken care of during the bankruptcy period.
Schedule a Consultation
To learn which type of bankruptcy will be most beneficial, contact the law office of Joe Wittman. Allow them to help you review the debts you owe to see if bankruptcy will be a viable option. Call the office today, and they will be happy to schedule your consultation appointment.