What Should Debtors Know About Chapter 13 in Lawrence KS?

When someone’s debt is growing by the day and they are unable to keep up with their payments, they can begin to feel overwhelmed. Too much debt can lead to great levels of stress that can have a negative impact on every area of a person’s life. Thankfully, there are legal options for helping people overcome their debt. Being aware of chapter 13 in Lawrence KS will help individuals to make the decisions that will bring their life peace instead of chaos.

What Is Chapter 13 Bankruptcy?

Before someone pursues any type of bankruptcy, they first need to be aware of their options. Filing for chapter 13 in Lawrence KS is one of the best options for those people who are dealing with mostly secured debts. It can be especially beneficial for those who are facing the risk of losing their homes to foreclosure.

Chapter 13 is a legal process that takes place through the courts. The individual filing must be able to prove they have a reliable income coming in each month. They must also submit their paperwork and a restructured payment plan to be approved by the court.

Making Payments Is Important

It is imperative individuals make their payments on time each month. The payments are made in one lump sum each month and then the money is distributed to each creditor. Paying the payments on time keeps the bankruptcy in good standing and allows the individual to slowly pay down the debts they owe.

To start the process, the individual first needs to schedule a consultation appointment with the lawyer. Scheduling this appointment will allow the individual to learn more about their rights and the types of bankruptcy that are available to them. Knowing about their rights will help individuals to make the best choice for their needs.

If you would like to learn more about bankruptcy and how it can help you overcome your debts, visit Joe Wittman. Feel free to call the office right away to schedule a consultation appointment. They will help you every step of the way so you can be approved for Chapter 13 as soon as possible.