The decision to file for bankruptcy can be a very stressful one. It is one that you may come to after a life changing experience such as losing your income or a major medical condition. Both of these experiences can cause the bills to pile up to the point that you can no longer meet your monthly obligations. A bankruptcy lawyer in Topeka, KS can answer any questions you may have to ensure that this is the right decision for you.
Filing for bankruptcy will affect your life in many ways, both good and bad. The bankruptcy lawyer in Topeka, KS will be able to advise you which approach to follow, whether it’s Chapter 7 or Chapter 13. Chapter 7 will allow you to eliminate all of your debts, so that you can move forward with a clean slate. Chapter 13 is a restructuring of your debt, scheduling monthly payments that will work with your budget. The attorney will assist you in deciding which of these options best fits your circumstances.
Once the decision has been made to file, the Bankruptcy Lawyer in Topeka, KS can assist you in each step you need to follow. Your attorney will tell you how to stop harassing phone calls from creditors, and guide you step by step through the process. You will most likely have to attend an approved credit counseling program, which will help you learn how to budget and assist you in how to be able to build a more stable financial future. While this is a long process that can take months, the end results can be a relief. Once the filing has been started, none of your creditors can take any action against you such as repossessing your car or garnishing your wages.
While filing for bankruptcy can be a relief in some ways, it can also affect you negatively in other ways. When you file, your credit score will be affected and it will remain on your credit report for many years. This will impact your ability to receive credit in the future. You may be turned down for credit to purchase a home or you will have to pay higher interest rates for a time. The bankruptcy lawyer in Topeka, KS will advise you whether the advantages of filing will be more than the disadvantages.