Bankruptcy Lawyers Wichita, Kansas

Filing bankruptcy is an ideal solution to escape creditor harassment. When you are in debt, hiring a bankruptcy lawyer is the last thing that comes to your mind. While you may be considering filing bankruptcy on your own, it is not a viable option. The legal complications involved in filing bankruptcy (especially Chapter 7 and Chapter 13) without seeking professional help, is certain to place more obstacles in your already obstructed path. This is when you need to reconsider your decision of hiring an attorney. If you wish to have a fresh financial start by reducing the burden caused by your mounting debts, it is highly recommended that you hire the services of a skilled bankruptcy lawyer.

Why Choose a Wichita Bankruptcy Lawyer?

Bankruptcy laws are not only complicated, they are also subject to constant changes. This makes comprehending these laws a daunting task. Even the slightest mistake in the petition form can complicate matters (the worst being the denial of your petition). A failed petition is a clear indicator that you would need to remain in a “debt-ridden state” for a considerable time period before being permitted to make another attempt to file bankruptcy.

Here are Five Reasons to Hire a Bankruptcy Lawyer in Wichita:

A Complete End to Creditor Harassment

The process of filing bankruptcy is lengthy. During this period, creditors have the habit of contacting you and harassing you regarding the outstanding debt. Nonetheless, when you hire a bankruptcy lawyer, all solicitation calls are diverted to his office. Some debtors are still inclined to call and harass you. Repeated solicitation calls are liable to cause extreme mental harassment. This is when your lawyer steps in and eases your mental state by calling up all your debtors and making them aware of his role in the bankruptcy process. This would put a complete end to such harassing calls.

Handling Complicated Paperwork

It is very easy to make mistakes while filling-up the bankruptcy form. As it is imperative to list all your assets, debts and property details in the required format, even the slightest mistake can prove costly and your petition for availing bankruptcy, can be declined. Nonetheless, with the help of qualified bankruptcy lawyers, you can complete this complicated process in a jiffy and without making a single error.

Protection from Uncertainty

The actions of trustees, the court, as well as the creditors, plays a vital role in determining your case. Your actions should be in sync with the actions taken by the other party. Any conflicting action may result in your bankruptcy petition being declined. By streamlining the actions of all the concerned parties, a bankruptcy lawyer in Wichita shall enable the judgement to be passed in your favor.

Right to Information

Only a qualified bankruptcy attorney has the necessary expertise to extract valid information pertaining to your petition. The data on filing bankruptcy is vast and impossible for a layman to collect. Your petition gets accepted only when you have ample information backing your cause.

Answers to Questions

Only a qualified lawyer can answer all your bankruptcy related queries correctly. Some of the common queries include –

  • Is bankruptcy the best option for you?
  • Can you file bankruptcy twice?
  • Which Chapter should you file – 7 or 11?
  • What is non-dischargable debt and are you eligible for it?

Benefits of Filing Bankruptcy by Taking the Help of Wichita Bankruptcy Lawyer

You could be in debt because you fell sick that lead to an increase in medical bills. You may have lost your job. Regardless of the reason, if debt is allowed to mount, it can become overwhelming. To overcome this messy and stressful situation, it is advisable to file for bankruptcy. Nonetheless, most people are of the opinion that filing bankruptcy is a daunting task, owing to which, many individuals put off this idea. This is a misconception, as filing for bankruptcy can ease your stressful situation considerably.

The Three Main Benefits of Filing Bankruptcy:

Debt Discharge Relief

The first benefit of filing bankruptcy is the discharge of debts. If you file Chapter 7 Bankruptcy, all of your debts shall be discharged. In case you file Chapter 11 Bankruptcy, you have the option of paying back your debts in an affordable manner. Here, a part of your outstanding debt is completely dismissed. Hence, your stress levels would reduce dramatically and you would have a chance to start afresh.

Credit Harassment Relief

Creditors have the tendency to harass you by sending letters, making phone calls and even arriving uninvited to your doorstep. When you file for bankruptcy, you get ‘automic stay’, which in turn implies that all sorts of harassment from creditors are stopped. In fact, you are saved from eviction, foreclosure, wage garnishment, bank levies, real estate liens and even vehicle repossession. This allows debtors to heave a sigh of relief and chalk out a suitable financial plan to escape this mess. If creditors violate the rules of automic stay, they are liable to be held for the contempt of court and fined heavily.

Fresh Start and a Better Future

It is only when you are free from your debt that you can even think of making a fresh start. Bankruptcy saves you from incarceration and it even shields you from being penalized for late alimony or child support payments. In case you were involved in a car accident, which in turn lead to your license being revoked, filing Chapter 7 Bankruptcy shall ensure that you get your license back. These are just a few of the many benefits of filing bankruptcy.

Life After Filing Bankruptcy:

A qualified Wichita Bankruptcy Lawyer shall determine whether you need to file Chapter 7 Bankruptcy or Chapter 11 Bankruptcy, after carefully studying your case. While all your debt (with some exceptions) is discharged in the case of Chapter 7 Bankruptcy, if your lawyer files Chapter 11 Bankruptcy, only a part of your total debt is discharged.

All your assets including your possessions and property, remain intact, if you file Chapter 11 Bankruptcy. You would then be given the option of paying off your remaining debt using easy payment methods. In case you file Chapter 7 Bankruptcy, a portion of your assets are sold to pay off your debt. You may keep important items such as your vehicle and your furniture. This allows you to regain your financial freedom and start life with a fresh perspective.

For Main Reasons Why People File Bankruptcy:

  • To get relief from mounting medical bills.
  • To get relief from divorce payment (alimony).
  • To get relief from a failed business.
  • To get relief from a loss of job.

How Would a Wichita Bankruptcy Lawyer Improve Your Life?

  • You would get help filing Chapter 7 Bankruptcy.
  • You would get help filing Chapter 11 Bankruptcy.
  • You shall be helped to file Chapter 13 Bankruptcy.
  • You would be briefed on all possible aspects pertaining to bankruptcy.
  • You would be briefed on debt settlement best practices.
  • You would be told about debt relief.
  • You would be saved from creditor harassment.
  • The lawyer shall provide foreclosure defense.
  • You shall be guided to lead a happy life after bankruptcy.
  • The lawyer shall guide you on the topic of loan modifications.

If you are still buried under a mountain of debt, it is time you gave your life a fresh start by hiring a suitable Wichita bankruptcy lawyer at the earliest given opportunity.

Differences between Bankruptcy Chapters 7, 13, 11, & 12

Chapter 7 Bankruptcy

Also known as liquidation, ordinary or straight bankruptcy, it is the most common form of bankruptcy experienced in the US. Chapter 7 bankruptcy is beneficial for the low-income debtors that have zero or minimal assets, as they can be relieved from any future obligations to pay the debts. A trustee has the right to liquidate only the nonexempt assets that are in the name of the debtor. Filing bankruptcy does not mean that a debtor is free from all the mortgages or liens. The nonexempt asset acquired by the candidate determines what the creditors are going to receive, no such asset means nothing to deliver.

Chapter 13 Bankruptcy

Chapter 13 is for both the person who is filing bankruptcy, and the creditors, as the debtor gets a period of 3 to 5 years to pay all or a part of his debts. The court will decide the plan of payment and will be paid by the chapter 13 trustee. The debt which is planned will be the final amount received by the creditors, and the remaining amount will be discharged. For example, if the court approves to a payment of 20% debt then remaining 80% inclusive of the accrued interest is going to be discharged with the completion of the plan.

You can file Chapter 13 Bankruptcy as an individual, or if you are husband and wife, make sure you file it jointly. To know the debt limits for Chapter 13, keep reading.

Chapter 11 Bankruptcy

Chapter 11 is designed for the large business enterprises as it helps them to cope with their debts and continue to operate. If Chapter 7 bankruptcy has been filled against limited liability, partnerships, and corporations Chapter 13 cannot come to play for reorganization, in fact, business operations need to be stopped. Chapter 11 is a bit complicated, but sometimes the results acquired by this chapter are more satisfactory than from Chapter 7 or Chapter 13.

If the corporations, partnerships, and limited liability companies are looking to reorganize and continue the operations, then Chapter 11 can be the only option for them. Filing jointly or individually with a debt that exceeds the certain limit is not allowed in Chapter 13 reorganization. Limits change after every 3 years at the beginning of the financial year, and it is based on the change in the cost of living.

Chapter 12 Bankruptcy

Chapter 12 is for the commercial fishermen or the farmers for the reorganization of the debts and to resume their fishing and farm operations. Chapter 12 ensures that the payments are made on the seasonal basis, as that’s the only time they make a living. Unlike Chapter 13, there are no limitations of restructuring loans in every five years for Chapter 11 and Chapter 12. Also, The debt limits under Chapter 13 are much lower than that of Chapter 12.