Topeka KS. Residents: What You Should Know About Chapter 7 Bankruptcy

If you are over your head in debt from credit cards and other sources, you may be considering bankruptcy. Here is what you should know about filing bankruptcy under Chapter 7 in Topeka, KS.

What Can Be Included in Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a type of liquidation filing that is used primarily for unsecured debt, such as credit cards and personal loans. It cannot be used for vehicle loans, mortgages, and other credit that is linked to collateral. As part of the Chapter 7 process, you may be required to sell some personal belongings and forward the monies to your creditors.

Chapter 7 Bankruptcy Can Take Months

A typical Chapter 7 bankruptcy case can take up to six months, so this is not a quick fix to your current debt situation. You must file court documents that detail your income, belongings, monthly expenses, and secured and unsecured debt. The court reviews the information to decide what is an equitable and fair outcome of the filing.

Chapter 7 Bankruptcy and Your Credit Score

If you are granted a Chapter 7 bankruptcy liquidation by the court, it is documented on your credit report, and the judgment stays on the report for up to ten years. You may not be able to get secured loans, such as those for vehicles, or other types of credit until the bankruptcy falls off your credit report.

Learn More About Filing Chapter 7 Bankruptcy

Filing for Chapter 7 in Topeka, KS. on your own is a difficult and challenging process, and the judgment may not be ideal. Working with a lawyer ensures that your rights are protected and that the court’s decision works in your favor. Joseph I. Whittman specializes in Chapter 7 for Topeka, KS. residents. Call his office today to discuss your case, or visit the website at joewlaw.com

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