After trying just about every strategy to regain control of runaway finances, it looks as if the only solution is to seek bankruptcy protection. Seeking help from one of the Bankruptcy attorneys in Wichita is the best way to proceed. During that first consultation, there is quite a bit of information that the attorney will provide. Here are some examples.
Analysis of the Financial Situation
In order to provide help to clients, Bankruptcy attorneys in Wichita must evaluate the financial circumstances of each of those clients. This goes beyond simply looking at the mountain of debt that they bring to the table. There is also the matter of considering the amount of income the client generates each month. If the client has any assets that the court is likely to consider eligible for sale, that will be taken into account. Even things like the type of debt the client is carrying will be looked at closely. All this is necessary in order to determine if the client qualified for bankruptcy protection and which form of personal bankruptcy is in the best interests of that client.
Learning How Personal Bankruptcy Works
As the attorney will explain, there are two forms of personal bankruptcy to explore. A Chapter 7 bankruptcy is designed to eliminate all debt. In this scenario, any assets that the court deems eligible for sale will be sold in order to partially settle the debt. The remaining amount will be dismissed by the court, leaving the client free of any obligations. As the attorney will explain, some assets are not eligible for sale. This typically includes the vehicle that the client uses to get to and from work and any other assets that the court considers necessary for maintaining a reasonable quality of life.
A Chapter 13 bankruptcy places the client under the protection of the court while the debt is repaid according to a plan approved by that court. Payments are tendered to the court and distributed to the creditors. Once the debts are paid in full, the matter is settled.
For anyone facing severe financial hardship, contact The Law Offices of Todd Allison and Sarah Newell today. After going over the particulars, it will be easy to decide which form of bankruptcy protection is the best way to go. You can also visit them on Google+ for more information.
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