In Kansas, chapter 7 is a viable option for acquiring debt relief quickly. These cases are settled within in a six-month period. They help consumers and business owners find a new solution for debt management. The following details explore chapter 7 bankruptcy that is provided through Joseph I Wittman Attorney at Law in Lawrence KS.
Provide Income Statements to Prove Eligibility
The consumer or business owner must provide evidence of all income. They need at least six months of records that show a steady stream of income without interruptions. These records allow the attorney to calculate a projected annual income for the claimant. Unlike chapter 13, the claimant doesn’t need an income that is higher than the current median.
Create a List of All Assets and Appraised Values
Chapter 7 is the liquidation of all assets and properties that could generate funds. These funds are used to settle all debts included in the bankruptcy claim. The attorney must assess the market value of all assets and properties to determine if they will generate enough funds to pay off the debts completely.
Present a List of All Debts
The claimant must submit a full list of debts. They must provide all debts that are found on their credit history whether they are charged off or not. These debts define the total value needed during the sale of assets. The judge determines what debts can be discharged through the bankruptcy process.
Proceed through the Claim’s Process
The process requires the claimant to provide deeds or access to the assets. A trustee manages all sales and distributes the funds to the claimant’s creditors. Once the debt is settled, the creditor must remove it from the claimant’s credit report. Any exempted values for these assets is returned to the claimant.
In Kansas, chapter 7 is a viable opportunity to settle all debts. It allows claimants to liquidate their assets to acquire funds needed to pay off these debts. The court requires them to provide all title and deeds to a trustee who manages these requirements. Claimants who want to file for chapter 7 contact Joseph I Wittman Attorney at Law in Lawrence KS or Visit the website for more information.