When debt has grown out of control and individuals no longer have the funds to pay their debt, it can become overwhelmingly stressful. When debt is rising, it is imperative individuals understand their rights for legally overcoming their debt, so they can get a fresh start. With this information, individuals will better understand how to get started with the Bankruptcy Lawyer in Lawrence KS.
Prepare For the Consultation
The first thing a person needs to do is to prepare for their consultation appointment with the Bankruptcy Lawyer in Lawrence KS. The following items need to be brought to the meeting so the lawyer can help their client understand which bankruptcy option will be most beneficial.
* Wage statements for at least six months
* A list of all debts and the contact information for the creditors
* Two years of income tax returns
* A list of all assets
* Bank statements
Bringing this information will help the lawyer to be able to serve their client better. This will allow the lawyer to determine which type of bankruptcy will be most effective in helping their client overcome their debt.
Types of Bankruptcy
Two main types of bankruptcy are available to help individuals who are struggling with great amounts of debt. Understanding the options allows debtors to make concise decisions that will benefit their financial future.
Chapter 13 is a bankruptcy type that primarily helps homeowners avoid losing their home to foreclosure. Individuals are given three to five years to make monthly payments on their debt, so it is paid off promptly.
Chapter 7 is an option that helps individuals with mostly unsecured debts. Some debts can be absolved while others may be paid off with the liquidation of the person’s non-exempt assets.
Hiring a lawyer helps individuals go through the necessary legal steps to ensure they can overcome their debt. To learn more about the options for bankruptcy, visit Website Domain. They are a law firm that is dedicated to helping individuals legally overcome their debt so they can start a new financial future. Call them right away to schedule your consultation meeting today. They will be happy to answer any questions you may have.
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