Bankruptcy is something no one wants to have to face, but financial problems can arise and make it necessary. When you are dealing with more debts than you can handle, it is time to call for Law Services in Liberal KS. A lawyer can review your finances and assist you in deciding which type of bankruptcy will best benefit your needs. Filing for bankruptcy will allow you to overcome your debt so you can finally be financially free.
There is a couple of different types of bankruptcy you can choose from. The type you choose will depend on your debts, income and assets. The first type is chapter 7. This type has some requirements that must be met. You will need to pass a Mean’s Test. This test measures your income against the median income. If you meet the requirements, you will be able to have your debts taken care of or absolved in six months or less. This is perfect for those with unsecured debts.
If you have secured debts or are in danger of losing your home through foreclosure, you may want to consider chapter 13 bankruptcy. This type gives you time to pay down your debts. You may be given between two and five years for your bankruptcy period. Your payments will be lowered and you will pay one payment through the court so your debts can be paid down. It is important you pay your monthly payments so your bankruptcy can stay in effect.
To find out what type of bankruptcy will best benefit you, you need to seek Law Services in Liberal KS. Meeting with a lawyer can allow you to bring in information on the debts you owe, your income and your assets. The lawyer will look at your financial situation and can advise you on which type will be most beneficial.
If you are in need of financial help, bankruptcy may be beneficial. For more information, call Business Name. This will allow you to receive the legal help you need so you can file for bankruptcy and overcome your debt. You can also visit their Google+ page for more information.
