Your debts have overwhelmed you to a point that you have no other option but bankruptcy available to you. The problem is, you feel that you make too much money and have too many valuable assets, so you are ineligible for bankruptcy. You are almost never ineligible for bankruptcy except for a few certain situations. Chances are, you don’t fall under any of them, and filing for insolvency is most certainly feasible. You are more than likely to fall under Chapter 13 for filing, which lasts up to five years and requires you pay back your debt. This is where you’ll need help from a Chapter 13 bankruptcy attorney in Wichita in order to fully understand it.
You have assets that you want to keep, and you don’t necessarily have to lose them in bankruptcy. If you are able to prove to the court that you are able to make the required payment amount, it won’t take away your assets to sell. The law requires that you be able to prove that you are capable of paying back the amount of the secured debts during the bankruptcy. There are three types of debts: priority, secured and unsecured. Priority gets paid first, secured second and unsecured last if there is money available. A Chapter 13 bankruptcy attorney in Wichita can explain this in more detail.
While your bankruptcy is active, you are able to renegotiate your secured loans to achieve more favorable terms. For example, you can modify your mortgage to have a lower payment. You can also use it as a way to stop a foreclosure and catch up on late payments without the bank taking the home away from you. Bankruptcy stops all collection activities, but talk to a Chapter 13 bankruptcy attorney in Wichita about how this works for your situation.
It’s best to talk to a Chapter 13 bankruptcy attorney in Wichita before you take any action towards filing. You need to learn and understand what it is you are entering into, and how your life is going to change. You also have the opportunity to find out how you can keep your important assets in a Chapter 13.
For more information about filing for Chapter 13, contact Business Name.
