If you are in need of a bankruptcy attorney in Kansas City, there are a number of qualified firms that can help you. Whether you are looking to file Chapter 7 or Chapter 13 bankruptcy, an experienced bankruptcy firm can help you with your financial challenges. A lot of things can happen to make your finances spiral out of control. Credit card bills, student loans, car payments, hospital bills, and more can wreak havoc on your financial health. When you feel those mounting challenges, it’s better to seek out help sooner rather than later.
The first thing you should do is seek out an experienced bankruptcy firm for help. The very idea of filing for bankruptcy can bring about a lot of stress and fear. People often times have no idea what to expect when the face bankruptcy. Allow an attorney to help you understand what you are up against.
What is Bankruptcy?
Bankruptcy is a financial relief plan utilized by people who have serious financial debt. The legal process can wipe out all debt and give the person an opportunity to pay back creditors. Once the bankruptcy is discharged, the individual will have a clean financial slate.
Chapter 7 or Chapter 13?
A tax attorney Kansas City Mo can help you determine which type of bankruptcy is best for your situation. Your attorney will advise you to file Chapter 7 bankruptcy if you fit the legal test required. In most cases, Chapter 7 is filed if you don’t have a great deal of assets. It is the best option if you want to pay off all of your debts and start over with clean credit. Your Kansas City bankruptcy attorney will help you understand the pros and cons of filing for Chapter bankruptcy protection.
Chapter 13 is an entirely different type of bankruptcy protection that also requires certain standards. Under Chapter 13, you will be set up with a manageable payment plan to rid yourself of debts. Chapter 13 also has a number of rules and regulations that the payee must abide by. If not, the consequences can be severe. In most cases, people under Chapter 13 are finished between three to five years. Once you are discharged from bankruptcy, not all debts will be cleared. Some of the exceptions include child support payments, home mortgages, criminal fines, educational loans, and spousal support. If you need more information regarding the pros and cons of Chapter 13 bankruptcy, seek out an experienced attorney for help.
Under Chapter 13, individuals are also able to keep their property while they make payments. Other qualifications: you are not a business entity, you have manageable debts, you income tax returns for the year have already been filed, and you have a sufficient amount of income to pay off the debts. If you are worried about whether or not you should file bankruptcy, find a lawyer to help you navigate the process. They will formulate a personalized plan to fit your needs. Let a qualified attorney help you get a handle on your finances.