A bankruptcy lawyer in Lawrence, KS can help you ease the burdens of your debts, repossessions, foreclosures, garnishments, and lawsuits. Over the last decade, bankruptcy has become more and more popular as individuals’ debt has increased and income has decreased. Debts that can be discharged or restructured in bankruptcy include credit cards, personal loans, medical bills, and other secured and non-secured debts. In some cases, you can stop the foreclosure process on your home during a Chapter 13 bankruptcy and you can cure the past due mortgage payments and remain in your home. The stress caused by financial distress and hard times can be eased through the filing of bankruptcy. It is vital that you have experienced and ethical legal representation on your side to help you through this legal process.
What To Consider Before Filing For Bankruptcy
First, it is important to know that individuals can only file for bankruptcy protection every eight years; when considering bankruptcy it is advised to discuss the timing thoroughly with a bankruptcy lawyer in Lawrence, KS. Also, in most cases, the bankruptcy stays on your personal credit report for ten years and can inhibit you ability to borrow money and obtain credit in the future. If creditors are harassing you, it is time to consult with a bankruptcy attorney to help you determine the best course of action for your financial goals.
Debts That Are Eliminated In Bankruptcy
Bankruptcy can eliminate your legal obligation to pay most or all of your outstanding debts. This is referred to as a discharge of debts and can include personal loans, credit card debt, unsecured debts, some taxes, and medical bills. There are also some debts that cannot be discharged, namely Federal guaranteed student loans and overpayments for SSN or Disability. Also, it is important to note that you cannot discharge debts that are incurred after bankruptcy has been filed, that are why timing is everything with bankruptcy.
Exempt Assets
During the bankruptcy process, some assets can and will be liquidated to pay your creditors. However, there are many debts that are considered exempt. These include your home, household furniture, household appliances, clothing, pets, vehicles, tools and equipment required for your trade or business, and other assets. It is important that you clarify with your legal counsel all of your assets and if they fall in exempt or nonexempt categories.
If you are experiencing the stress and pain of debt that you cannot pay, seek counsel from an experienced bankruptcy attorney. Financial stress is one of the most devastating stresses in life. Fortunately, under U.S. Federal bankruptcy law there is hope and a process to help you get your life back and start the process of working towards the future. It is important when you seek legal counsel that you interview several bankruptcy attorneys, vet their references and ask questions that are important to you. Choose an attorney that you are comfortable with, that you believe in, and that has the experience you need during this difficult time. When seeking debt relief, a bankruptcy lawyer in Lawrence, KS will help you choose the right course of action.
