Most people have a basic understanding of what it means to file bankruptcy. Filing bankruptcy means that you are admitting to the fact that you have more debt than you can realistically pay off on your own. It means that you are filing to have your credit wiped clean. It means that you are filing to have creditors leave you alone for a couple of months while a judge determines whether or not to grant your bankruptcy request. What a lot of people do not know about bankruptcy is that there is more than one different kind. You have to decide whether you want to file Chapter 13 or Chapter 7 Bankruptcy in Wichita, KS.
The most ideal option for anyone is to be able to file chapter 7 bankruptcy in Wichita, KS. Unfortunately, not everyone qualifies for Chapter 7. Chapter 7 is the type of bankruptcy that is going to wipe your credit history clean. With the exception of any secured debt, your credit will be debt free. Chapter 13, on the other hand, is for people who the judge believes could pay back their debts if they were put on a specific repayment plan for the next 3 to 5 years. During those 3 to 5 years creditors would not be allowed to contact you about any of the money that you owe.
In order for you to qualify to file Chapter 7 Bankruptcy in Wichita, KS it must be determined that even on a 3 to 5 year repayment plan it would not be possible for you to keep up with your bills and pay off all of your debt with the amount of income you generate. Ideally, you want to hire a lawyer such as Attorney Philip L. Weiser to sit down with you and go over your credit history. The lawyer would be able to help you figure out which type of bankruptcy you should be filing for initially. They are also going to make sure that you get all of the paperwork filled out correctly when you are filing. They will even know what to do to make the process move as quickly as possible.
