Bankruptcy is a very effective way to eliminate past due and delinquent debt so that you can alleviate the money-related stresses in your life and get a fresh financial start. Determining which form of bankruptcy may be right for you is not necessarily an easy task. There are many factors which must be considered before filing a petition with the bankruptcy court. If you are considering bankruptcy and you are wondering which form of bankruptcy is right for you, we recommend you secure legal counsel from a bankruptcy lawyer at our firm, Rick Hodge, Attorney at Law.
Each of the clients our firm represents finds relief in knowing that they will always be given the personalized and compassionate service they deserve. We are not one of those large law firms that doesn't really care about the people they are hired to represent. We work with our clients one-on-one so that we are able to understand not only their current financial situation, but their financial objectives and future plans as well. We are not here to just help you file for bankruptcy; we are here to guide you through the entire bankruptcy process, help you adjust to life after bankruptcy and give you the legal support and resources you need for future financial success.
There are two primary types of bankruptcy that we recommend for individuals seeking debt relief. Chapter 7 bankruptcy, also known as liquidation bankruptcy, is intended to provide relief to those individuals who do not have the income or financial resources necessary to repay their existing debt. Those who qualify for Chapter 7 will be able to keep any assets or property that qualify for exemption under state exemption laws and the remainder may be liquidated for the purpose of getting creditors repaid. One of the primary benefits of Chapter 7 is that at the end of the bankruptcy process, all of your unsecured debt will be discharged. Providing that you do not have any other secured debt, tax debt, student loans or other debt that cannot be discharged through bankruptcy, you will be able to walk away with a clean slate and a fresh financial start.
Those individuals who do not qualify for Chapter 7, or who would rather restructure their debt and receive a little more protection for personal property and assets, can file for Chapter 13. In Chapter 13, your existing debts are restructured into a feasible payment plan that allows them to be significantly paid down within a 3-5 year period of time. Past due mortgage payments can be paid off over time as part of a Chapter 13 repayment plan and in some cases, a 2nd or 3rd mortgage may be eliminated through this form of bankruptcy. To find out which form of bankruptcy is right for you, we recommend you
call a Kansas bankruptcy lawyer at our firm to set up a free consultation where we can review your situation and advise you of the legal options you have available to you.