The tragedy of owing more money than you can pay back is an ominous burden from which it appears there is no escape. The bill collectors are relentless in their pursuit of money. These people really don’t care how much they harass you. Their job is to come back with the money. Some collectors border on breaking the Federal laws on fair debt collection practices.
Lawsuits and garnishments are another tragedy suffered by families with too much debt. Phone calls at night and in the early morning are a common practice. The average family is frightened into a state of paralysis. They don’t know which way to turn. However, the Bankruptcy lawyer in Wichita can stop all of this by filing for bankruptcy for you and your family.
Chapter 7 Bankruptcy is the most common form of bankruptcy and once the documents are filed with the Court, all adverse action stops immediately. Think about the emotional relief you will receive knowing that your pay and bank account cannot be attached. This is wonderful news for the family even if some people feel embarrassed by filing. The U. S. Congress has provided for financial relief by enacting laws which will relieve you of the burden of excessive debt. You are not alone in using Chapter 7 because many people thought to be rich are also filing for bankruptcy.
The actual process is not complicated on your part. The Bankruptcy lawyer in Wichita will tell you that you are required to list every debt and every asset including cash. Many people have old cars which they highly value but these type of items have to be listed also. Chapter 7 allows you to keep your home providing you don’t have 100s of thousands of dollars in equity in it. You will be allowed to keep your furniture and your cars providing one of the cars is not an antique which is worth enough money to substantially liquidate some of your debts.
The principle behind Chapter 7 is to allow you to regain control of your financial situation without depriving your creditors of money you could obtain by liquidating high value assets. You will not be able to keep assets which are high enough in value to liquidate a high percentage of your debt.
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