Avoiding Loss of Property During Hard Times

by | Apr 30, 2013 | Lawyers and Law Firms


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When you have accumulated more debt than you can financially or emotionally handle you are probably ready to locate and consult with a Bankruptcy attorney. Bankruptcy is an option that is primarily elected by those that have a substantial amount of debt and can not see there way out. There comes a time when peace of mind must overcome the stigma of bankruptcy.

One bankruptcy strategy is Chapter 13. This type of legal action does not eradicate debt but allows the individual to form a more affordable payment plan. In addition, this action will stop creditors from repossessing assets, such as your car or home. Repayment lasts three or five years depending on the debtors individual payment plan. This form of bankruptcy will appear on your credit report for a period of seven years. Since individuals only elect bankruptcy in dire situations, this option is a means to regain financial control and avoiding loss of property.

As the amount of foreclosures have increased, homeowners with a substantial income loss often seek Chapter 13 to protect their homes, when loan modification efforts fail. A Chapter 13 bankruptcy lawyer in Wichita will help your determine if you are eligible. Not all debtors are qualified to obtain a Chapter 13 bankruptcy. A Chapter 13 bankruptcy option has maximum debt limits. At the same time, the debtor must be able to prove a steady level of income that will enable them to satisfactorily pay towards the debt. There are legalities in place that will protect the debtor from adverse action should they fall upon hard times again at no fault of their own. This may be through an unforeseen circumstance such as an illness that weakens body function and eliminates the ability to work. Your lawyer will help determine the years required to repay your loan, amount of repayment, the prioritization of your debts, and legal guidelines. Invest in an attorney with several years of experience and with the knowledge to confidently answer all your questions and concerns.

If you are a debtor seeking Chapter 13, you are not alone. Take pride in your decision to regain financial control and release the anxiety of debt.