Difficult financial times can be resolved with the help of a bankruptcy lawyer in Lawrence, KS. Living from paycheck to paycheck without paying all of your bills can be a distant memory whenever an individual files for bankruptcy. Bankruptcy is a legal and easy way to eliminate excess debt and still keep a house or a car.
Determining whether to file for bankruptcy will not be confusing when the lawyer answers all of the questions an individual has. Deciding the type of bankruptcy to file will depend on the amount of assets the individual has and whether they have a regular source of income to pay their bills.
Chapter 7 Bankruptcy
If there is a limited amount of income and a lot of unsecured credit card debt, chapter 7 bankruptcy is the best way for an individual to gain a fresh start. The fresh start will eliminate most, if not all, of their debt. Chapter 7 does not require a repayment plan and at the time of discharge, the individual’s bankruptcy will be complete.
Chapter 13 Bankruptcy
A regular source of income and several assets means an individual should file for chapter 13 instead of chapter 7 bankruptcy. Chapter 13 will restructure an individual’s debt and allow them to retain many of their assets. A three to five-year repayment program must be approved through the bankruptcy court.
Chapter 13 takes longer to be discharged than chapter 7. A lawyer in Lawrence, KS will help in deciding whether an individual is eligible to file for chapter 13 or chapter 7. They will evaluate the individual’s income, bills and assets.
Papers Needed at the Lawyer’s Office
At the initial consultation, it is important to take the last three years’ worth of income tax returns and pay stubs for the last two years. All of the bills the individual is responsible for should also be taken to the lawyer’s office. The mortgage statement, a copy of the deed, and any car notes should also be given to the attorney.
Certain debts will not be eliminated through bankruptcy such as child support, alimony and certain taxes. Business Name will carefully evaluate your situation and help you determine the best way to eliminate your debt.
