A Kansas Bankruptcy Attorney Can Help You Understand Personal Bankruptcy
If you feel like you're being harassed by creditors, if you can't pick up the phone for fear it's another collection agency, a Kansas bankruptcy attorney may be able to help you get a fresh financial start. Before you make a decision about bankruptcy, you need to know the differences between filing under Chapter 7 and Chapter 13, and the consequences for your financial future due to filing either type of personal bankruptcy. A
If you're afraid of losing your home or car, a
Chapter 13 May Help You Keep Your House or Car
Chapter 7 bankruptcy is sometimes referred to as liquidation, because the bankruptcy trustee may liquidate, or sell, your non-exempt assets to pay creditors. Exempt assets include some items of clothing, furniture, vehicles, tools, etc. that you may need for work or basic living necessities. Most Chapter 7 filers have few non-exempt assets, and so no liquidation takes place. A
Chapter 13 bankruptcy is not liquidation, but rather, a bankruptcy plan. Your Chapter 13 plan balances your income against your living expenses and debts and allows you to make regular payments on your debts. By making regular payments, you can keep the assets securing the debts on which you're paying. If you have regular income but have had a financial upheaval, such as unforeseen medical bills or unexpected economic losses, Chapter 13 may be the right choice for you. Whatever your situation, you need to understand the bankruptcy system before you act. A
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