Kansas consumers who understand the prerequisites for bankruptcy may have a fair advantage. This benefit could present them with an advantageous option to reduce the value of their debts through negotiations or acquire more time to pay them off. If you wish to discuss these opportunities with a Lawyer in Topeka KS today, visit Website Domain promptly.
Reviewing the Technical Details
Whenever a consumer files a bankruptcy claim successfully, they acquire an automatic stay, which prevents their mortgage lender from seizing their property through foreclosure. The duration of this provision is based on the chapter of bankruptcy they choose. For instance, chapter seven offers up to six months, and chapter thirteen provides a duration of no more than five years.
The selected plan also determines who the consumer will spend his or her income based on this duration. For instance, if they qualify for chapter thirteen, they must provide a monthly payment as outlined in their case. They must additionally utilize all exposable income from all sources to pay off any debts, which were not listed in the claim. This doesn’t include any debts that were discharged by the judge.
How Do You Qualify
Consumers in Shawnee County must file a claim through their preferred attorney. The court schedules a hearing based on the duration of time is required to contact all creditors. However, they must meet the initial requirements for the chapter of choice. Chapter thirteen claimants must possess an income over $40,988. Otherwise, they can file chapter seven only.
Submission of proof of income is required for all cases. It must be presented to the judge overseeing the case before the hearing is scheduled. This includes all sources of income, whether earned or not.
After reviewing all options, you should take steps to complete your bankruptcy petition. Your Lawyer in Topeka KS will guide you through this process to ensure that you do not miss any key concepts, which are required, and that you understand the legal ramifications. He or she provides you with further insight throughout the process to protect your interests. If you wish to complete this process, you should contact your preferred attorney today.