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Joseph I Wittman Attorney At Law in Lawrence KS Can Help You Gain Financial Freedom

Have you recently been divorced, ill, injured, lost a job, and found yourself swimming in debt? These things and many others can leave an individual unable to pay their bills. Joseph I Wittman Attorney at Law in Lawrence KS can help you obtain the financial freedom you need and erase the debt that is holding you back. Bankruptcy is a legal option for an individual to use and, in some cases, filers can retain all of the assets and still eliminate their debt. Credit counseling is required before bankruptcy can be filed, and it’s important to speak directly with an attorney about the steps and timeframe a bankruptcy will take.

A credit counseling certificate must be filed within 15 days after a bankruptcy is filed. The reason for the counseling is to determine if there’s any other way for an individual to pay their debt without filing bankruptcy. If the individual qualifies for Chapter 13 bankruptcy, credit counseling will recommend a repayment plan to the court. This entitles an individual to retain their assets to repay their debt over a three- to five-year span. The payment will be more affordable and, at the end of the payments, the balance of their debt will be erased.

Chapter 7 bankruptcy is a great solution for individuals that don’t have a source of income or many assets. A trustee will be assigned to their case when bankruptcy is filed, and they will sell any assets that are not exempt. The money that is received will be paid to the creditors according to the schedule that’s been set up. This type of bankruptcy is finalized much faster than Chapter 13 filings. In some cases, Chapter 7 bankruptcy filers are still able to keep their house and car, but their payments must be current when they file.

If you’re interested in eliminating your overwhelming debt, bankruptcy can help. Visit the website of Business Name in Lawrence KS and find out how they can help. They have years of experience in the legal field of bankruptcy. They will structure a payment plan for you if you’re filing Chapter 13 and eliminate all of your debt if you’re filing Chapter 7.