Individuals who are considering bankruptcy may want to know more about it before making a final decision. Many have felt that bankruptcy has allowed them to push a financial reset button and get a fresh start.
When a person discusses their situation with a Bankruptcy Attorney in Lawrence, KS, they will quickly find that there are two main types of bankruptcy that a person can file for. Chapter 13 allows an individual to draft a plan that will help them repay all or part of their debt over the course of three to five years. When a person goes the route of Chapter 7 bankruptcy, they will be able to walk away from their situation completely debt-free.
Usually, individuals who have gone through a divorce, are unemployed, or who have medical bills file for types of personal bankruptcy. For individuals who are unemployed and are facing foreclosure because they have missed payments on their home, filing for Chapter 13 bankruptcy may be able to help them save their home. This is the most common reason why individuals seek help from a bankruptcy attorney in Lawrence, KS.
The rules that a person must follow when filing for bankruptcy are going to vary. It is important for a person to learn about what is needed to qualify for bankruptcy locally. Also, filing fees and fees paid to an attorney are going to vary depending on where they live.
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