Many people search for debt help in Topeka, KS to get from underneath a growing pile of bills, collection notices, and repossession or foreclosure notices; often, it may seem like there’s no end to the daily debt collector phone calls and the worry that they’re going to lose their home. For those who have trouble getting caught up again, there is an option for filing for bankruptcy, and to do this, they’re going to want to speak to a lawyer and ensure they’re filing the right type of bankruptcy for their needs.
For those who make under the median income for the area, chapter 7 might be a solution to their debt problems. If they qualify, any non-essential assets will be given to a trustee who will sell them to attempt to cover the debts owed, while the remaining debts can be discharged. The person will be able to keep their home and primary vehicle so they don’t have to worry about a foreclosure or repossession. This typically takes around six months to complete.
Those who make too much to qualify for chapter 7 may qualify for chapter 13. In these cases, the person will have their debts restructured into small monthly payments that should be made in full and on time, in order to be finish within three to five years. During this time, they will not have to worry about phone calls from debt collectors or the repossession of their home or vehicle. They will also have to continue to make payments for anything that can’t be filed with the bankruptcy, such as student loans or child support payments.
Debt help in Topeka, KS is available for those who need it, and filing for bankruptcy might be a good option. It’s a good idea to speak with a lawyer to ensure the person is filing for the right chapter and to see if they are correctly proceeding so they will have the outcome they want. A lawyer can also assist them in determining which types of debts can be included and help them if they own a small business or have any special needs. Click here to speak with a bankruptcy lawyer today to see if this is a good debt-help option for you.
