This demanding and prolonged economic breakdown is lifting up just high enough for the majority of United States citizens to catch a breath. Then it dips down again and we are left feeling as if we are drowning. Since mid-2008, this has been the case. For a handful of people this may sound like an exaggeration. But for those facing imminent bankruptcy, it is a grim and approaching reality.
Thankfully, not all is lost. The facts of bankruptcy can be confusing. The repercussions of such an action can also be intangible and overwhelming. Bankruptcy lawyer in Wichita are there to find clarity and comfort for those left hopeless and lost at what to do next.
Bankruptcy lawyer in Wichita cover the main four areas of bankruptcy, as clarified below:
1. Chapter 7 Bankruptcy:
2. This is the most common form of bankruptcy, and it is also known as liquidation. The individual sells off their debt through their non-exempt assets. Any debt that can not be paid is disqualified. But the debt enacts against any assets the debtor may have in their name.
3. Chapter 11 Bankruptcy:
4. This type is notoriously detailed, complex, and arguably unapproachable. The basic structure is rather simple. The debtor continues to function in some capacity. They establish an agreement to pay the debt, or they may lease off aspects of their assets to pay off the debt. Either way, the firm or individual continues to function in a severely restricted state.
5. Chapter 12 Bankruptcy:
6. This type is a niche one that only works for agricultural farmers. The farmer is still active and manages to pay off the debt similar to a Chapter 11 style, but in a slightly different way.
7. Chapter 13 Bankruptcy:
8. This one is very similar to Chapter 11 except that is fine-tuned to individuals. The repayment plans are usually shorter than what an LLC or Partnership will encounter. Parts of the debt are disqualified as well.
Bankruptcy lawyer in Wichita try to seek out organization, coherence, and a long term plan for clients. The act of bankruptcy is inherently intangible and difficult to grasp. These lawyers maximize their resources to find happier and more fulfilled clients.
