Large amounts of debt can leave an individual with stress, anxiety and hardship that can affect their life forever. Whenever someone has been unable to find solutions to these debt issues, the consumer should contact attorneys in Topeka, KS as soon as possible. Creditors have many ways of attaining the money they are owed. Bankruptcy can be a practical way out.
When someone in a large amount of debt hires an attorney, they can feel secure knowing their financial obligations are being taken care of and that the attorney will fight for the best negotiations possible. The individual can spend their time focusing on what matters and putting their life back together.
How to Know When to File for Bankruptcy
There are many ways to know when to file for bankruptcy, but common reasons include: being behind on mortgage and car payments, owing back taxes, being unemployed or experiencing a decrease in monthly income, being unable to pay medical bills, constantly borrowing money to pay back debt and creditors being uncooperative in money being paid to the account.
What Is Chapter 13 Bankruptcy?
A chapter 13 bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make instalments to creditors over three to five years. Chapter 13 bankruptcy payment plans are easily structured to reduce payments and retain assets an individual has acquired.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy allows for the debtor to pay either a portion or all of their debt while still being able to retain their possessions. Plans for repayment are submitted to the courts and must be approved. After the final payment, the debtor is discharged of all liability on the accounts and the debt.
Why lose a car, a home and a lifestyle due to unpaid bills? Attorneys in Topeka, KS have years of experience helping clients who have been burdened by debt and are out of choices. For more information, please visit Website Domain.
