Debt is something most people face in their lifetime, but sometimes, it can become overwhelming. When debt becomes more than a person can handle, the stress can become unbearable. Thankfully, there are methods a person can use to overcome their debt. With the help of a Lawyer in Lawrence KS, a person can learn about their options for filing for bankruptcy. While bankruptcy is often given a bad rap, it can be helpful for those who are truly struggling with debt and want a way out.
Before a person decides on their bankruptcy type, they need to first meet with the Lawyer in Lawrence KS. This meeting allows them to discuss the debts they owe and their assets. It is imperative a person is forthright with their attorney, so they will have all of the information they need to help their client make a decision on whether or not bankruptcy is an answer for their debt struggles.
If a person is in imminent danger of losing property, such as their home or car, Chapter 13 bankruptcy might be the right answer. With this type, a person must make scheduled payments, so their bankruptcy status remains in good standing. During the period of bankruptcy, creditors are not allowed to pursue the person for their debts and cannot attempt foreclosure or repossession. This is the ideal type of bankruptcy for those with secured debts.
When a person has a lot of credit card debt or other unsecured debts, they will likely benefit from Chapter 7 bankruptcy. This type is fairly quick to settle and sometimes allows a person to have their debts absolved. Some types of property must be surrendered so it can be sold to pay off debts. A trustee helps a person through the process and is in charge of taking care of paying the debts once the property has been liquidated.
If you are dealing with more debt than your paycheck allows you to pay, bankruptcy may be the right answer. Contact the law office of Business Name and ask them to schedule your consultation right away so you can learn if bankruptcy will help you.
