Debt is something many people are dealing with these days. Unfortunately, people often turn to credit cards to try and get them out of debt, only leading to more debt. If you are dealing with harassing phone calls and threatening letters about your debt, it can be stressful. When dealing with debts, it is important you seek your creditors and try to work with them. They may be willing to make arrangements or lessen your payment amounts so you can get caught up. If you have done all you can possibly do to overcome your debt, but are still finding it difficult, you may be able to get help through bankruptcy. To find out more about your options, it can be helpful to hire a Bankruptcy lawyer in Wichita.
What Bankruptcy Options are Available?
1. Chapter 7 bankruptcy allows you to overcome your debts through your non-essential assets being sold. This is carried out through a trustee that is placed over your case. The trustee is in charge of trying to get as much money as possible for your creditors. He or she has the power to absolve you of some of your debts, depending on the amount you owe and the property you have available to liquidate. You are allowed to keep your home, car, furniture and clothing. The process for finalizing this type of bankruptcy normally takes around six months.
2. Chapter 13 bankruptcy does not require you to sell any of your belongings, but you will be required to pay a monthly payment through the court. This payment is distributed among your creditors, helping you to pay down your debt. Most people are able to pay their debts off in three to six years. This will depend on the amount owed and your monthly income. The judge will make the decision on your payment amount and your Bankruptcy lawyer in Wichita will try to make sure the payment is affordable for you.
If you are drowning in debt and need help, contact The Law Offices of Todd Allison and Sarah Newell. They will be glad to assist you in filing for bankruptcy and improving your financial situation.
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