In a Chapter 7 bankruptcy claim, a debtor will have a large portion of his or her debt eliminated in a relatively timely manner. In addition, assets will be repossessed by his or her creditors as a form of repayment.
Chapter 13 bankruptcy, on the other hand, requires an individual debtor to strike up a repayment plan or schedule with his or her creditors. The debtor will repay the creditors over a period of the next few months or even years.
As each financial situation differs, bankruptcy will not be the right solution for everyone. To determine if bankruptcy is right for you, please speak with a
Kansas bankruptcy attorney today.
At Rick Hodge, attorney at law, the legal team will help guide you through the bankruptcy process and to make informed decisions regarding your financial future. Contact a Kansas bankruptcy attorney at the firm today.