Do you feel overwhelmed with debt you’re unable to pay? Many individuals find themselves in a financial situation that involves foreclosure of their home, repossession of their car, and harassing creditor telephone calls. An individual can gain the financial freedom they’ve always wanted by contacting a bankruptcy lawyer in Lawrence, KS to discuss their options for filing chapter 7 or chapter 13 bankruptcy.
Even if an individual is exploring the options of debt relief, they will have many questions that a bankruptcy lawyer will be able to answer. Some individuals might benefit from other options without filing bankruptcy. The bankruptcy attorney will discuss all of the options and help an individual determine if they can gain a fresh start by filing bankruptcy.
Chapter 7 Versus Chapter 13 Bankruptcy
There are a variety of factors that will affect whether an individual should file chapter 7 or chapter 13 bankruptcy. Chapter 13 bankruptcy should be used for individuals who own a home and have a lot of assets. Individuals who have a limited income and a high amount of unsecured debt should consider chapter 7 bankruptcy. Chapter 7 is a complete liquidation of assets, and chapter 13 is a restructured payment program.
Chapter 13 Bankruptcy
When an individual owns a home, automobiles, and has a regular source of income, a lawyer in Lawrence, KS can help them determine if restructuring the debt will alleviate their financial problems. If individuals are approved for this type of bankruptcy, the amount they are paying today on their bills will be lowered. In addition, individuals who file chapter 13 are usually able to keep their home from being foreclosed on.
Chapter 7 Bankruptcy
Individuals who have a limited amount of income and a lot of credit card debt can eliminate the debt by filing chapter 7 bankruptcy. This type of bankruptcy is considered a fresh start, and any assets that are not exempt from the bankruptcy will be sold by a trustee who is appointed by the bankruptcy court. This type of bankruptcy is usually discharged in approximately three to six months from the filing date.
If you’re ready to get free from the debt you’re drowning in, now is the time to contact Joe Wittman. He has years of experience helping individuals gain the financial freedom they need.
