What Should Debtors Know About Chapter 13 in Topeka, KS?

When debt becomes a mounting problem, individuals often feel overwhelmed in the process. It can be especially stressful when an individual is faced with the possibility of losing their home due to foreclosure. With this information, individuals will learn how they can apply for chapter 13 in Topeka, KS.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is often referred to as the “wage earner’s” bankruptcy because a person must have a reliable income coming in each month so they can be approved. This type of bankruptcy is ideal for individuals who have secured debts, such as mortgages. Those who are in danger of losing their home to foreclosure are advised to speak with a lawyer about their options for chapter 13 in Topeka KS.

Chapter 13 gives individuals time to pay off the debts they owe. Most people are given between three and five years, depending on the amount of their debt and their monthly income. Once the bankruptcy is in effect, a cease and desist order is sent out to all creditors, including the mortgage holder. This order means no further collection activity can be carried out, including foreclosing on the home.

How to Get Started

To get started on the process of filing for bankruptcy, a person first needs to schedule an appointment with the bankruptcy lawyer. To this appointment, they need to make sure they bring the requested documents which may include tax records, wage statements, debt information and asset information. These documents will allow the lawyer to decide whether or not the individual will likely be approved for bankruptcy.

The process takes time and a repayment plan must be submitted to the court for approval. If the court approves the repayment plan, the individual must begin making the scheduled monthly payments through the court so the money can be distributed to the debtors.

If you are dealing with too much debt, bankruptcy may be your best option. If you would like to schedule a consultation appointment, contact the law office of Joe Wittman so they can meet with you and start the process.

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