Financial difficulty can arise for many reasons. Even when debt becomes a problem because of poor decisions, it can be difficult to deal with. The collection calls, wage garnishments and court appearances can prove stressful for most people. Fortunately, people have the right to receive help with their debts. Through the Law Services in Garden City KS, a person can receive the help they need so they can make an informed decision on their financial options.
When a person schedules a consultation through Law Services in Garden City KS, they will be asked to bring in information regarding the bills they owe, their income and the assets they own. Bringing this information in allows the lawyer to better understand the person’s financial status so the right relief options can be offered. Individuals living in the United States have basically two options for filing for bankruptcy.
When people owe secured debts like mortgages and car loans, they will find chapter 13 works best for them. This bankruptcy option requires no liquidation of owned property, but there are some limitations on the amount of debt a person can file. Chapter 13 requires a person to pay a monthly payment through the court system each month. The amount the person is required to pay and the length of time they are given is based on their income and the amount of debt they owe.
A person can also be given a faster option if they meet the mean’s test requirements for income. With this type, a person must surrender any non-essential property for liquidation. A court-appointed trustee helps in this process and has the power to forgive debts where there is no property that is eligible for liquidation. Chapter 7 bankruptcy may be settled in as few as six months.
Those who are in need of help with their financial situation should contact The Law Offices of Todd Allison and Sarah Newell. They are available to help people who are in a financial crisis so they can decide which type of bankruptcy will best fit their needs. Contact them today for your appointment. You can also visit them on Google+ for more ifnormation.