The Kania Law Office Can Help You Achieve a Fresh Financial Start

Dealing with excessive debt can be exhausting and stressful. The constant harassment from creditors can take its toll on debtors. It is important to note there are options for helping debtors overcome their debts legally. Getting help from the Kania Law Office can assist individuals in gaining control over their financial futures.

What Should Debtors Know About Bankruptcy?

There are a couple of types of bankruptcy individuals and couples can pursue. It is imperative individuals understand their options and get legal help so they can make the best decisions. An explanation of each type of bankruptcy follows.

Chapter 7 is the fastest type of bankruptcy and is ideal for those with unsecured debts. With this type of bankruptcy, individuals first go through means testing to ensure their incomes are not above the median income for their states. Once approved, the process is typically quick, resulting in a settlement within six months. With Chapter 7, some individuals will be required to liquidate some assets to pay their debts, though other assets are excluded. The trustee over the bankruptcy will have the option of absolving some debts.

There is also the option of Chapter 13, which is often referred to as a wage earner’s plan. This type of bankruptcy is ideal for secured loans, such as mortgages. It can help people avoid foreclosure and the loss of their homes. In this bankruptcy arrangement, debtors are required to make and adhere to a payment schedule that is approved by the court. Most people are given between three to five years to pay off their debts and come out of bankruptcy.

Schedule a Meeting with the Lawyer

Once a person learns they can no longer handle the debts they owe, it is imperative they schedule a meeting with the lawyer to discuss their bankruptcy options. The lawyer will help their client understand the options and what is involved in the process, along with their responsibilities. Once the lawyer is hired, they will start the process of filing the bankruptcy paperwork in court.

Yes, individuals have the option of filing bankruptcy without legal help, but this is not recommended. There is a lot of paperwork involved, and the slightest mistake could lead to a delay or denial. Getting help from a lawyer offers peace of mind and sound legal guidance that will help individuals make the right important decisions for improving their financial outlooks.

Get Started Right Away

Ignoring debt will not make it go away. If creditors are constantly calling and making threats, now is the time to get legal help. Waiting too long will only lead to increased problems and debt. Call today to schedule an appointment to learn more about your bankruptcy options. With the help of a lawyer, you can discover which will offer the soundest solution for your debts.

Getting help with bankruptcy reduces stress and leads to a better financial outlook. The process of filing for bankruptcy takes time, but it will go much faster with the help of a bankruptcy lawyer.

 

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