Talking to a Bankruptcy Lawyer in Topeka KS about Filing for Chapter 7 Protection

by | May 26, 2020 | Lawyer

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The vast majority of those who live in Kansas seek to live responsible, strategically sound financial lives. Even so, taking on debt is a regular part of life, whether to make it easier to purchase a car or a house or to better pursue business opportunities. While both creditors and debtors alike generally make good decisions when it comes to lending and borrowing, there are always cases where it turns out that debts will not be able to be repaid.

Being faced with such circumstances, some people are inclined to attempt to avoid facing up to them. In practice, this often results in even more trouble in the long run, because debts continue to pile up even as they are ignored. Instead, what most should do when it becomes impossible to pay off debts is to get in touch with a Bankruptcy Lawyer in Topeka KS.

Although some suppose that working with an attorney will only add even more financial burdens to an already difficult situation, the reality is quite the opposite. A bankruptcy lawyer in Topeka KS will be able to help a client understand just which options they have before them and which of them will make the most sense to pursue.

In many cases today, that will mean arranging for Chapter 7 bankruptcy protection. This most common style of bankruptcy results in the complete dissolution of any debts incurred up to the time of filing, freeing up borrowers to start their financial lives all over again.

That is not to say that Chapter 7 will be available in every case. To begin with, a debtor must be able to establish an actual inability to pay off existing debts and not merely an unwillingness to do so. A debtor who seeks this form of bankruptcy protection must also not have attempted to defraud lenders in the process of obtaining financing, as this will result in immediate disqualification.

Otherwise, debtors who consider Chapter 7 should be prepared to face the liquidation of any assets beyond a legally protected minimum. An attorney will typically be able to point out what this will entail, thereby helping a client decide whether this option will make good sense for them personally. For more details click here!!