One of the greatest things debtors fear to happen is that they might have to end up filing for bankruptcy. Bankruptcy seems like the end of the road for many people, financially. However, so many people go through bankruptcy, that there is no need for anyone to feel embarrassed. It happens to even the most well-meaning people. A person could lose his or her job, for example. That may force the family into bankruptcy. In Kansas, Joseph I Wittman Attorney at Law helps clients who have to go through various kinds of bankruptcy. There are two kinds for individuals to file: Chapter 7 and Chapter 13.
A Chapter 7 bankruptcy is a complete liquidation of all applicable assets. There are some debts that can’t be erased, such as child support and taxes. Chapter 7 bankruptcy allows the debtor to get a fresh start financially. A trustee of the debtor’s bankruptcy case will collect all of the assets of the debtor and sells whatever is not exempt. The rest can go to the debtor. The debtor can also elect to keep certain secured debts, such as the car or house. However, all payments must be made current to reaffirm the debt on these items.
A Chapter 13 bankruptcy is where the debtor has the chance to reorganize all of his or her debts. There is a three to five year repayment plan offered to all the creditors. During this time, the debtor can stop a foreclosure on his or her home, and have the opportunity to repay all the debt left. He or she must pay back at least what the creditor would have gotten if a Chapter 7 had been filed.
Business Name has been providing debt relief solutions for clients in the Topeka, Kansas area for many years. Clients who need help filing a Chapter 7 or a Chapter 13 bankruptcy can get it done at the attorney’s office. The lawyer also represents small businesses for debt relief solutions, as well as individuals and couples. Whether a client is facing foreclosure, repossession or simply wants to get help with handling debt, Joseph I Wittman Attorney at Law is available. Visit the website.
