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.
Can Be Included in Chapter 7 Bankruptcy
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
7 Bankruptcy Can Take Months
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
7 Bankruptcy and Your Credit Score
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.
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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