The Law Services In Garden City KS Can File Bankruptcy For You and Eliminate Your Debts

Bankruptcy is a process authorized by Federal law, and you not be ashamed or afraid of using it to climb out from under a mountain of debt. In broad terms, bankruptcy will eliminate all of your debts except your mortgage and student loans. However, there are exceptions and the way to learn about these is to seek counsel with the Law Services In Garden City KS. An attorney who is very experienced in bankruptcy can help you understand the law as it applies to your finances.

Certainly, filing a bankruptcy petition will stop all calls and letters from creditors. They cannot have any further contact with you for any reason. Garnishments are stopped as well. The Law Services In Garden City KS can make sure this happens.

When you visit with the attorney for the first time, you should take all of your financial records and a list of all of your assets whether they are in cash, stocks or cars. You should also take the value of your house and the current mortgage amount.

The court will appoint a bankruptcy trustee to work with you and your attorney. He will analyze the value of your assets and determine if some could be sold to pay off a debt. This would not include your home unless it is worth an exorbitant amount and it has a small mortgage.

The principle is not to make you give up everything you own, but if you own something of great value that is not required to maintain your life then you will likely have to sell it. Many people have credit card debt they cannot possibly pay, but they have an antique car which could be sold for a sum of money to pay off a debt. The trustee’s job is to protect the creditors, but not to put undue hardship on you. The The Law Offices of Sarah Newell & Todd Allison can make sure this process is done according to the law.

In a Chapter 7 Bankruptcy, all of your debts will be eliminated and you will have a clean financial slate to work with. There is a Chapter 13 Bankruptcy which requires the debtor to pay something toward their debts for three years. This happens when there is enough income to make small payments and not enough to make the scheduled payments.

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