There are many things that can lead to one becoming financially insolvent. When insolvency occurs, the federal government has a provision that allows you to file for bankruptcy and get debt relief. Here are some of the things that you need to know about getting debt help in Topeka KS.
Establishing what form of debt relief to seek
First figure out the form of debt relief that you are going to file for. The most common types of debt relief include chapter 7, chapter 11 and chapter 13.
1. If you are willing to repay all the debt that you owe and just need an extended period and protection from debtors as you make the payments, you can file for chapter 13.
2. If your income level is equal to or below the median for your state, you are allowed to file for chapter 7. On the other hand, in case your income level is above the median for your state, you will have better chances of success if you file for chapter 13.
3. In case you filed for a chapter 7 8 years or less prior to the filing, you will not be allowed to file for another chapter 7. This means that you can only file for chapter 11 and 13.
These are just a few of the rules that govern bankruptcy. Consulting with a lawyer will give you a deeper understanding of your situation and the options that are available to you.
The option that will work best for you
There are other motivating factors that you have to look at when deciding on the form of debt relief that you want to file for. For instance:
1. If you have personal items that are non-exempt, you will have to think about filing for a chapter 13.
2. If you have been given a NOD (Notice of Default) for your property, a chapter 13 will help you stop the impending foreclosure.
The lawyer will help you fill out all the necessary forms and make sure that no mistakes are committed. As a result, Debt Help in Topeka KS will be easy and very successful for you. To learn more about debt help, click here.
