There are many individuals in this country who find themselves buried in their own financial burdens. And many times there is nothing else you can do except file for bankruptcy. This is not an easy decision for anyone to make, but it has the ability to change your life for the better. If you plan on filing for bankruptcy in the near future, it is best to know the facts before you get started.
Types of Bankruptcy
There are several different types of bankruptcy both individuals and businesses can file for. The most common type of bankruptcy is chapter 7. Chapter 7 bankruptcy has the ability to wipe out all of your debt and give you a fresh start. The individuals who file for chapter 7 are not allowed to have any additional income that could assist them in paying off their debts. If you are a person or business who has an excessive amount of income, you may have to file for chapter 13 bankruptcy.
Chapter 13 bankruptcy allows you to reorganize your debts in a way that allows you to pay them back by making monthly installments. This is suited for individuals who have a sizable income and can afford to make payments towards their debts. They have to continue making regular payments so that their bankruptcy does not go into default, which can cause them more problems further down the line.
Hire an Attorney
Your best bet when filing for bankruptcy is to hire an attorney to assist with the process. If you are looking for a bankruptcy law firm in Wichita, KS, visit the website of Fleeson Gooing. They have experienced attorneys on staff who can assist you with your case and make sure you are on the right track to being debt free.
