Is Chapter 7 Or Chapter 13 Bankruptcy Right For You?

Get Answers From Experienced Bankruptcy Lawyers In Topeka

If you are considering bankruptcy to get a handle on your debt, you will have to determine which chapter suits your needs. The most common types of bankruptcy for individuals and small-business owners are Chapter 7 and Chapter 13.

At our law office in Topeka, Kansas, we help our clients assess their financial situations, understand their options and make the best possible choices to get debt relief. To talk to a lawyer at our firm about bankruptcy and bankruptcy alternatives today, give us a call at 785-379-6642. We offer initial consultations free of charge.

Chapter 7 Vs. Chapter 13 Bankruptcy

Chapter 7 bankruptcy is sometimes called a "straight bankruptcy." Most Chapter 7 bankruptcy filers can keep all of their property, despite common myths, while also discharging most unsecured debts. Chapter 7 can also temporarily halt foreclosure.

Chapter 7 is not available to everyone who is struggling with debt. If your income is over the Kansas state median or you have valuable assets that cannot be exempted in Chapter 7, you may be better suited for Chapter 13, which is sometimes called "reorganization bankruptcy." In Chapter 13, you will create a repayment plan that makes it possible for you to repay your creditors — usually only in part — over three to five years, depending on your income. At the end of the payment plan period, the rest of your debts will be discharged. Chapter 13 also temporarily halts foreclosures through the automatic stay, and you may be able to catch up on past-due payments through your repayment plan.

Deciding to file for bankruptcy is never easy. We use our extensive experience and legal knowledge to help our clients understand all of their options to get a fresh financial start. Once you decide which path to take, we will guide you every step of the way to ensure you make the absolute most of this journey.

Talk To An Attorney About Your Options For Free

Neither Chapter 7 nor Chapter 13 is a one-size-fits-all solution to debt problems. To discuss your specific financial problems with an attorney and learn how to make the most of the debt relief options available, please call us at 785-379-6642 or send us an email. We offer initial legal consultations free of charge.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.