Kansas consumers who need debt relief should consider the benefits of filing for bankruptcy. This option presents them with an immediate solution that could present several legal acts taken against them. If you need more information about bankruptcy, you can schedule an appointment with Attorneys in Topeka KS by contacting Business Name today.
Selecting a Chapter
The chapter of bankruptcy in which consumer in Shawnee County qualify depends on their income level. To qualify for chapter 13, the consumer must have an annual income that is above $40,988, which is the average for this area. To prove this eligibility they are required to present income statements for the six-month period before they file.
Alternately, any consumer with an income level that is below this value is eligible to acquire a chapter 7 claim. The major difference between the chapters is how they are settled. With chapter 7, the consumer is required to sell specific properties or assets to pay off their debts. These actions are managed by a trustee who is appointed by the presiding judge.
Prerequisite Requirements for Bankruptcy
With changes in federal laws, consumers must attend a credit-counseling program or course to prepare them for this legal action. It presents them with concepts to help them to understand how this process will affect their lives and how to rebuild their credit after it is completed. If the consumer is facing repossession or foreclosure, they should file before their lender takes action.
All paperwork associated with assets, properties, and income is required when the consumer begins this process. They should provide their Attorneys in Topeka KS with documentations for all sources of income, including child-support payments. Detailed receipts are necessary in most instances.
If you wish to explore debt-relief options, bankruptcy could prove to be a promising solution. When you file a claim, your debts are not forgiven, but you acquire more time to settle them without legal consequences. This could prevent you from losing your home and reduce the value of some debts. If this concept is appealing, you should contact your preferred attorney today to schedule a consultation.
