Bankruptcy offers you a clean start in the financial world. Creditors cannot bother you and any legal action taken against you will be stopped. Foreclosure may even be stopped. Garnishments will be stopped and property liens cannot be executed. Your home will be protected if it has only a reasonable amount of equity. Cars will be protected assuming they are not valuable antique cars. The process of filing for bankruptcy is easier than you may believe. Your first visit to the attorney is free and you will get all of the information you need. Joe Wittman of Topeka KS can help you.

The Bankruptcy Attorney in Topeka KS will begin the process by filing a petition which identifies all of your debts and your assets. Once this petition is filed, action against you stops. Your bank account cannot be levied and repossessions stop until the court assesses the petition through its appointed trustee.

The trustee essentially handles your bankruptcy filing, but your attorney is always involved. The trustee will call a meeting of your creditors, but rarely does any creditor show up. The trustee will review your petition to determine if you have any assets that can be used to pay creditors. Most likely you won’t, but this is part of the bankruptcy law. However, if you are living in a home valued at $500,000 and only owe $100,000, then you may be forced to sell the home because the equity is too high.

If your debts are high and you have no assets, you will qualify for a Chapter 7 Bankruptcy which results is the complete elimination of your debts. If you have some assets with which to make some kind of payment on your debts, then you may have to accept the Chapter 13 Bankruptcy which sets up a payment plan over three years. Any debts not paid in three years are discharged. Both afford the same protections.

Bankruptcy does not end access to credit, but the discharge of your debts will stay on your credit record for 10 years. The interest may be higher and the terms will be more difficult, but credit will be available. There are car dealerships that specialize in bankruptcy cases. You can recover from bankruptcy.