Bankruptcy

Lawrence Kansas Bankruptcy Attorney

Are you struggling with debt in Kansas?

It is stressful and frustrating when creditors take legal action to seize your bank accounts, repossess your car, foreclose on your house or garnish your wages. Fortunately the U.S. Bankruptcy law provides you with tools to either get more time to pay your debts or to cancel them altogether. If you are suffering from these difficulties, it is urged that you immediately contact a bankruptcy lawyer in Lawrence.

The Various Kinds of Bankruptcy Relief

If you have a minimum income and do not foresee how you can pay your debts, Bankruptcy Chapter 7 may be your best plan. Here you get immediate relief from creditor calls and legal action. At the end of the process your dischargeable debts are cancelled. If you are making payments on a car or house, you may keep them by continuing to make your payments. You may also keep property exempt from execution under Kansas law including most personal and household items.

Where you have a reasonable income but creditors are threatening, Bankruptcy Chapter 13 may be your best answer. Like Chapter 7, you get immediate relief from creditor harassment, including foreclosure on your home. With your lawyer’s assistance, you create a plan for payment of your debts over a three to five year period. The good news here is that you may obtain through this plan a reduction of interest rates and in the overall amount of your payments.

Once your plan is approved by the court, you are safe so long as you make your one consolidated payment which is then distributed to the various creditors by the Bankruptcy Trustee. If you have a business that is being pressed by creditors, you may use Bankruptcy Chapter 11 to obtain bankruptcy relief similar to Chapter 13 for individuals. You continue to operate your business under the court’s supervision while straightening out your company’s finances.

How a Lawyer Can Help You Make the Right Decision

Bankruptcy is an aggressive action. It will have a significant impact on your life from a financial standpoint. It will negatively affect your credit rating, but often times the advantages significantly outweigh any negative consequences of filing. However, we recommend that you take care in deciding whether to file. John Bodle Law can aid you in making the decision that is truly best for you by considering the following key factors: