Families across the United States often face a number of difficult legal problems. One of the most popular legal problems families must face involves bankruptcy. No parent wants to go through bankruptcy when they have children to think about. However, Family Law Attorneys in Wichita may be able to help you in your situation. The following are a few things you should think about if you ever have to think about bankruptcy.
For starters, it’s important to understand that bankruptcy isn’t an option for everyone. People often have the misconception that bankruptcy works to erase a person’s debt to give them a fresh start. While bankruptcy can work to eliminate debt it can’t eliminate all debt. Most importantly, you won’t be able to get that fresh start without giving something in return. Consult with Business Name in order to determine if bankruptcy is for you.
When most people file for bankruptcy they’ll typically file for Chapter 7. This option is often referred to as “liquidation bankruptcy” because it requires dealing with your property and your debt. You’ll be required to liquidate nonexempt property in order to pay back the creditors that you owe. It’s also important to note that you must have very little disposable income in order to qualify for Chapter 7 bankruptcy.
If you don’t qualify for Chapter 7, then your next option will be Chapter 13 bankruptcy. This option is typically for those who have too much disposable income but are still unable to pay off their debt as they should. Fortunately, Chapter 13 bankruptcy allows you to keep your assets and property; however, you won’t be able to erase your debt. This bankruptcy option allows you to reorganize your debt. You and your creditors will work out a convenient plan that’ll allow you to pay them back without legal action being taken against you.
These are a few of the options at your fingertips when faced with bankruptcy. Speak with Family Law Attorneys in Wichita in order to discover any more available options. Again, bankruptcy won’t erase all of your debt automatically. While Chapter 7 bankruptcy requires you to liquidate your assets, Chapter 13 bankruptcy allows you to reorganize your debt altogether. Business Name are the best source to get more information or you can check their Google+ page.
