Council Grove, KS Bankruptcy Attorney
White Law Office
Take the first step on the path to financial independence and call the White Law Office. Bankruptcy is never something that should be pursued lightly, but if you feel your back is to the wall financially, you do have options.
Visit our office and have your situation evaluated to see what form of bankruptcy, if any, would be most advantageous to you.
Your initial visit is FREE, and could change your life forever.
What defines Chapter 7 Bankruptcy?
- Chapter 7 is for debtors that have a great deal of unsecured debt and is a liquidation of assets that are not exempt. This simply means property which is not needed for the debtor to live. Most property is exempt, such as your home and one car, but there are some exceptions to that rule.
There are income limitations which are ruled be each state’s median income or its average income. This is not to say those with incomes over the median cannot file Chapter 7 as there are many factors to consider.
The reason for filing this type of bankruptcy is to discharge, or get rid of, existing debt. There are some debts that are not dischargeable, such as delinquent income taxes, for example. To find out more about this type of filing, call for an appointment. This can be explained more in detail.
What is Chapter 13 Bankruptcy?
- Chapter 13 is for those with regular income that have fallen behind on their mortgage payments and/or car payments, want to keep their property, but do not have the ability to catch up on missed payments. This gives this type of debtor the ability to do so. It is also intended for those debtors that want to pay all or some of the debt they have accumulated, but have found themselves “under water”, so to speak.
A plan for re-payment of debt is made with the court and such plan consists of manageable monthly payments. The length of time for monthly payments depends upon the individual debtor’s income and their ability to repay within the length of time available. This does not mean a 30-year mortgage must be paid within that time, but simply means the regular mortgage payment is paid along with an additional amount to go toward the missed payments.
The same exemptions available in Chapter 7 are also available in Chapter 13. However, there is more flexibility in that non-exempt assets can be kept so long as all plan payments are made.
To find out more, call for an appointment so this can be discussed in more detail.
There are other chapters available to debtors, but Chapter 7 and 13 account for the vast majority of filers. Which is best for an individual debtor depends upon their particular unique circumstances. This is best determined by the debtor’s attorney. If you are thinking about filing bankruptcy, call to set up an appointment to find out what your best choice of action is and whether or not there is a need to file at all.
The court requires that a Credit Counseling course be taken before any filing of bankruptcy for any chapter. A certificate is provided to you and your attorney by the course provider after you have completed the course. There is an additional course called a Personal Financial Management course which must be taken within 45 days after the meeting with the trustee. Our office can guide you as to which counseling agency to use as there are many.
Remember our firm is here to guide you through this difficult time in your life. Our goal is to make this easier for you and to assure you that everything will be all right in the end.
We will help you eliminate unsecured debt or develop a payment plan so you can end the process free and clear. If you’ve tried stringent budgeting, debt management programs, and still cannot see how to overcome your debt, give us a call. We’ll discuss your options and find the optimal solution to a
Contact White Law Office today at 620-767-6046 to schedule your appointment. Browse the website for more information about family law or criminal law.
We are a debt relief agency. We help people file for Bankruptcy under the Bankruptcy Code.