Consult a Lawyer in Topeka, KS to Learn More About Bankruptcy Protection

When people think of bankruptcy, liquidation often comes to mind. However, Chapter 13 debt reorganization is actually more commonly used in the United States. For many people, this option is the only one available due to their incomes or assets. Others may qualify for liquidation but choose to use Chapter 13 because it offers them more flexibility to resolve their debt problems while allowing them to keep their assets.

Although Chapter 7 bankruptcy can eliminate a lot of debts, it doesn’t offer an effective way to deal with child and spousal support, mortgage and car payments, or federal student loans. Some debts never go away, no matter how much time passes. People who owe money to their former spouse for child support or have outstanding student loans need to repay them whether they file for Chapter 7 bankruptcy or not. By working with a Lawyer in Topeka KS, a person with a lot of debt could figure out the best way to handle the situation.

A Lawyer in Topeka KS who focuses on bankruptcy law might advise a client who owns a home or has a lot of debt that wouldn’t be discharged with Chapter 7 to file for Chapter 13 debt reorganization. With this option, a client of Joseph I. Wittman Attorney at Law might be able to keep their home if they were facing foreclosure, pay less for their car every month, and take care of arrears on family support. With this type of plan, someone who has more debt than they can realistically pay and are in danger of losing their property could resolve their financial issues over a three to five year period.

It’s important to talk to an experienced attorney prior to filing any bankruptcy paperwork with the court. Prior to filing, a person who wants debt protection must take part in credit counseling and submit a clear plan for repaying their debts. Consulting an attorney might ensure that all these documents are prepared properly and the court accepts the filing. After entering into a Chapter 13 plan, it’s essential to make all the payments on time to avoid losing the protection bankruptcy offers.

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