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Chapter 13 Attorneys Can Help Make Your Debt Manageable

When most people file for bankruptcy, they file for Chapter 7 bankruptcy protection. This means that they agree to sell their property and assets in order to pay off as much of their debt as possible. In exchange, their remaining debt will be dissolved and they can start over. This type of bankruptcy may not appeal to you, especially if you want to keep your home and your vehicle. If this is the case, there is another type of bankruptcy filing that may suit you better. A Chapter 13 bankruptcy filing allows you to reorganize your debt without forfeiting your house and your car. Chapter 13 attorneys in Wichita can explain how the process works, and help you decide if filing for bankruptcy is the right decision for you.

Debt Reorganization

If you are in a substantial amount of debt, it may be difficult to decide what payments to make with your limited resources. Most people don’t intend to create large amounts of debt, and they have no clear plan for how to get out of it. Many different creditors may be demanding payments, and if you can’t satisfy each one of them, it can be stressful and frustrating. A Chapter 13 bankruptcy filing can help make things simpler. Under this type of bankruptcy, you will make one monthly payment to a trustee. The trustee will then divide up your payment among your creditors. This process works because when you file for Chapter 13, your trustee will negotiate with your creditors in order to reduce your payment amounts.

No More Debt

A Chapter 13 bankruptcy filing doesn’t dissolve all of your debt. Instead, it allows you to consolidate your debt and make one monthly payment. The amount of this payment will be determined, in part, by your income and your ability to pay. Once you have set up a repayment plan, you will most likely be completely debt free in a few short years. Chapter 13 attorneys in Wichita can evaluate your financial situation and help you decide if you are eligible to file for bankruptcy. Scheduling a free consultation can be the first step to getting your financial situation under control.

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