The past few years have found many people in financial straits. Job loss, repossessions, and rising costs of living have resulted in many people being unable to meet their financial obligations. Calls from debt collectors, stress of piles of bills, and worries of providing for family can be overwhelming and lead to depression and anxiety. When finances cannot be balanced it is time to investigate the help of Law Services in Wichita.
Bankruptcy benefits include:
Stopping Harassing Creditor Calls and Actions
Constant harassing calls from creditors can cause even the mildest of individuals to become overwhelmed. Calls that interrupt family time and job responsibilities can result in ongoing stress and depression. Filing bankruptcy halts creditor’s actions in their tracks, including the treat of garnishment of wages.
Reorganization of Debts
Depending on the type of bankruptcy filed for there may be the option to reorganize debts. This allows consumers to remain in possession of their property and creates an affordable payment plan to be paid over a court-determined number of years. Payments are consolidated and made to the court and then disbursed to creditors.
Disbursement of Debts
Certain types of bankruptcy allows for the discharge of debts, with the exception of those that are exempt by law. Exempt debts usually include child support, tax liens, and debts like student loans. The court may order the liquidation of certain property in order to provide some recourse for creditors before debt is discharged. Another alternative is small monthly payments for a set number of month before the bankruptcy is discharged and closed. An experienced Law services in Wichita professional can explain which debts may be exempt.
Ability to Start Over
One of the biggest benefits of bankruptcy is the ability to start over with a clean slate. Bankruptcy gives individuals and couples the ability to learn from past mistakes or downturns and make better and stronger financial choices for the future.
Experienced attorneys like those at The Law Offices of Todd Allison and Sarah Newell can help explain the intricacies of bankruptcy law and determine which type of bankruptcy is best for a given situation. Don’t let debt take over call a bankruptcy lawyer today. You can also visit them on Google+ for more information.