What Is Chapter 7 Bankruptcy in Wichita, KS?

While most people have a basic understanding of what it means to file bankruptcy there is also a lot about the subject that people just do not know. For example, did you know that there is actually more than one kind of bankruptcy? Before you can file bankruptcy you have to decide whether you are filing Chapter 7 or Chapter 13.

What Is Chapter 7 Bankruptcy?

When you file Chapter 7 Bankruptcy in Wichita, KS it means that you are filing to have most of your debts canceled. Any debt that is not considered a secured debt would be cancelled. It is also very possible that some of your assets will be liquidated in order to give the creditors some of the money that you own them. This is actually why Chapter 7 is commonly referred to as liquidation or straight bankruptcy.

It Will Cost Both Money and Time

Unfortunately, filing Chapter 7 Bankruptcy in Wichita, KS is something that takes a lot of time. The entire process is going to end up costing you anywhere between four to six months. You are also going to have to pay roughly $300 just to cover all of the fees associated with filing. If you hire a lawyer such as Attorney Philip L. Weiser you would also have to pay their fees as well.

Who Can File Chapter 7?

There are only two reasons why someone would not be able to file Chapter 7 Bankruptcy in Wichita, KS. The first is because you have already filed in the last six years. The second is because the court feels that with your income you should be able to pay off your debt.

If the court ends up finding that based on your income you should be able to pay off all of your debt you may want to consider filing for Chapter 13 instead. Chapter 13 bankruptcy is just about putting you on a payment plan that works for your income and bills. When you file Chapter 13 you will be given three to five years to pay off all of your debts. You just have to follow the payment plan that was put in place and you will not receive any more harassing phone calls.

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