When someone is in debt, they often begin receiving all types of threats from those they owe. They may receive threats of wage garnishment, foreclosure, repossession and court. To avoid these collection activities, it is crucial a person faces their debts and does not ignore them. By contacting creditors, the debtor may be able to make satisfactory arrangements to take care of their debts. When a person cannot get out of their debt on their own, they may need to contact a lawyer for Debt Relief in Topeka KS.
Meeting with a lawyer can allow a person to learn more about their options for Debt Relief in Topeka KS. It is important the person is able to supply the lawyer with information on the debts they owe, their income and any assets they own. These pieces of information can prove useful in assisting the lawyer with deciding on what type of bankruptcy option will be best.
There are a couple of options when it comes to filing for bankruptcy. The lawyer will be able to assist his client in making a determination on which one should be filed. Chapter 7 bankruptcy can be filed when a person owes mostly unsecured debts. This type allows debts to be settled in as few as six months. As long as the person is able to pass a mean’s test, they may be eligible. Some people may be required to surrender their extraneous property to be sold to pay off their debts. Those without this type of property may have their debts absolved through a third-party mediator.
Chapter 13 bankruptcy is for those who are facing foreclosure, repossession or have mostly secured debts. With this type, people pay a monthly payment each month, so their debts are slowly paid down over a period of up to five years. This can stop foreclosure and repossessions and can help a person to get out of debt and start a better financial future.
If you feel you are drowning in debt, there is a relief to be found. Visit the website and learn how a lawyer can help you overcome your debts once and for all. Call today for a free consultation appointment to get started.
