In Kansas, consumers choose bankruptcy as a last effort to settle their debts. These chapters enable them to find a more suitable solution to settle their debts. The following are questions about bankruptcy consumers should discuss with their Lawyer in Lawrence KS.
How Can a Consumer Qualify for Chapter13 and 7?
The consumer must have a qualifying income to acquire eligibility for both chapters. Their income level must reflect a value that is more than the county’s average household income. The attorney reviews this value based on the consumer’s household size as this factor defines eligibility.
Can Couples File Together and What are the Benefits?
Yes, all married couples or individuals who have established a civil union may file together. The benefits of filing jointly is that they review a higher homestead exemption for their primary residence. They can double this exemption by establishing this filing status.
How are the Monthly Payments Calculated for Chapter 13?
The monthly payment values are based on the total monthly payments required by the creditors. The court reviews the consumer’s income and subtracts their living expenses for each month. These expenses equate to utility costs, loans that aren’t included, and medical costs. Next, the court reviews the projected payments required to settle each debt. Once established, the consumer must remit this payment on time each month. However, they can set up payment deductions from their wages.
What are the Repercussions if the Consumer Doesn’t Complete the Bankruptcy?
First, the bankruptcy case is discharged and no longer valid. All debts listed in the claim become the immediate responsibility of the consumer. Any outstanding balances that are delinquent are due on the date of the discharged. This indicates that the lenders can foreclose and repossess collateral right now.
In Kansas, bankruptcy is a feasible opportunity for consumers with high valued debts. The chapters enable the consumer to pay a monthly payment or liquidate assets. These solutions could help them settle a major if not all their debts quickly. Consumers who need to discuss these options with a Lawyer in Lawrence KS contact Business Name for help now.
