Debt can creep up on a person or may come about as the result of a single incident. Regardless of how the debt originated, it may leave a person feeling as if they have very few options and are in danger of losing everything they have worked for. As a result, the debt has a negative impact on every aspect of their life. Their work may suffer, relationships may fall apart, and more. Contact attorneys in Lawrence, KS to learn more about how to eradicate debt and create a better financial future for yourself and your family.
When to File for Bankruptcy
Individuals who have fallen behind on mortgage or car payments could find bankruptcy is the right move to save these assets. The same is true of individuals who find their income has changed drastically and the monthly bills are more than they can now afford. Past medical bills that cannot be repaid may lead to the need to file for bankruptcy, and any person who must borrow money to pay their debts should consider this option. A person should try to make arrangements with the creditors before moving forward, but if doing so provides no relief, bankruptcy ought to be considered.
Which Bankruptcy Option is Best?
Chapter 7 bankruptcy is an option for individuals with a large amount of debt who wish to have the debt discharged. While student loans, child support, and certain other debts won’t be erased, much of the debt will be discharged and provide the desired relief. When chapter 13 bankruptcy is chosen, the debtor pays on the debt for a period of three to five years. Any debts owed at the end of this period will be erased. Again, there are certain types of debt that cannot be discharged when this option is determined to be the better of the two.
If you are considering filing for bankruptcy, take time to speak to attorneys in Lawrence, KS to determine if this is the best option. Contact Joe Wittman to learn more about chapter 7 or chapter 13 bankruptcy as well as the advantages and drawbacks of each. Many people find they need to file bankruptcy to obtain the desired relief from their debt. Others, however, discover a different solution is better for their situations. The attorney is of great help in determining which is the case for you. Visit the Website for information.