Learning About Filing Chapter 7 Bankruptcy in Wichita, KS

Filing for Chapter 7 Bankruptcy in Wichita, KS means that you are filing to have most of your debts removed from your credit history. It is not uncommon for this type of bankruptcy to be referred to as liquidation bankruptcy because some of your more valuable assets might be liquidated in order to pay off some of your creditors. Chapter 7 is the more ideal bankruptcy because it is going to wipe your slate clean with the exception of a few secured debts. However, you have to qualify to file this kind of bankruptcy.

It is important to keep in mind that filing chapter 7 bankruptcy in Wichita, KS is not a fast or free process. In fact, you need $300 just to pay all of the fees associated with filing in the first place. This $300 does not include the cost of a bankruptcy lawyer. Generally, it is going to take anywhere from three to six months for a decision to be made regarding whether or not you qualify to file Chapter 7. However, it is not uncommon for it to take even longer than that for a decision to be made.

As long as it has been more than 8 years since the last time you filed bankruptcy, you can file again. It also has to be proven that even with your source of income and a five year repayment plan you would not be able to pay off all of your debt. Despite the fact that you can file bankruptcy every 6 to 8 years you need to keep in mind that it will be on your record that you have filed bankruptcy more than once. While your credit will be cleared, the fact that you have filed bankruptcy several times is something that a lot of people are going to frown upon.

The last thing you want to do is make a mistake on the complicated paperwork and one way to ensure that does not happen is with a lawyer.

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