When you are filing for bankruptcy, it is a stressful and confusing time. There is so much paperwork to fill out and the legal system is scary and difficult to navigate. Hiring an Attorney in Topeka KS, may be an idea that you dismiss at first glance, but consider the benefits of having someone to consult with about your case. Your attorney can determine which type of bankruptcy is going to benefit you the most, allowing you to move past this difficult time.
Chapter 7 will get rid of most unsecured debt. Any significant property will be sold to repay your creditors. It can take several months to complete. Chances are, you will keep most of your property, unless they have significant equity that is not exempt by law. The exemptions vary by state, and the attorney can explain specifics.. Some higher earners will not be eligible for Chapter 7 bankruptcy. If your home is in foreclosure, the process will be temporarily halted, but unless you can get current on the mortgage, the foreclosure will eventually resume. If your income is less than the state median, you could be eligible for Chapter 7 bankruptcy.
In Chapter 13 bankruptcy, you will have to repay your creditors, either in full or in part. You will be given a repayment plan to help make the payments manageable. It can last for several years, depending on your income. When the process is over, any remaining debts will be forgiven. You will not lose any of your property under Chapter 13 bankruptcy. You need to have a regular income to make your monthly payments. It can stop foreclosure, and your mortgage payments can be made up through the repayment plan. There is no income requirement, but there are limits to how much unsecured and secured debts you can have.
A lawyer may seem out of reach at this time, but consulting with an Attorney in Topeka KS, can save you money in the long run. An attorney will give you advice as to which process will benefit you the most. They will help you with the necessary paperwork, and fight for you to keep your property. Lawyers handle negotiations. A bankruptcy attorney deals with these issues on a daily basis. Check out some local attorneys like Business Name, and allow them to evaluate your case. You need an advocate that will help you get your affairs in order and get your life back.
