Individuals who find themselves dealing with more debt than they can handle need to be aware of the options for filing for chapter 7 in Lawrence, KS. Learning about this type of bankruptcy will allow individuals to make the right choice for their needs so they can overcome their debt and start fresh.
What Is Chapter 7 Bankruptcy?
There are two main types of bankruptcy individuals and couples can file. Chapter 13 is primarily for those who have secured debts, while those with unsecured debts, such as credit card debts, should consider filing for chapter 7 in Lawrence, KS.
Chapter 7 is a type of bankruptcy that allows individuals to overcome their debts in a short period of time. Most people are able to settle their bankruptcy in as few as six months. The length of time will depend on how much debt is owed and how quickly the trustee proceeds in liquidation.
In order to be approved for chapter 7, the applicant must pass a mean’s testing to ensure their income meets the state’s standards. If the mean’s testing is passed and the individual is approved for chapter 7, a trustee will be placed in charge of the bankruptcy. The trustee will be responsible for the accounting of all of the non-exempt assets of the individual so those assets can be liquidated to pay some of the debts that are owed.
The process of chapter 7 is fairly straightforward, but it helps to have a lawyer representing the client so the paperwork can be properly filed. Working with a lawyer also helps to ensure the individual’s rights are protected as they go through the process.
Schedule a Consultation
Those who are interested in filing for bankruptcy need to first schedule a consultation with the lawyer so they can go over the available options and discover which type of bankruptcy will be most effective for their needs. To learn more about how a lawyer can help, visit JoeWLaw.com.
If you are ready to say goodbye to your debt and hello to a brighter financial future, call the office. They will schedule an appointment so you can get started on the process.