When to File for Bankruptcy
Many people are unsure whether they should file for bankruptcy. Unfortunately, the question of when to file for bankruptcy—or even whether this is the right option for you—doesn’t have one clear answer. There are many pros and cons when it comes to filing for bankruptcy, as well as many factors to consider when determining which type of bankruptcy is most beneficial for your situation.
That being said, you may wish to consider filing for bankruptcy if you are dealing with any of the following:
- Significant debts and insufficient income/assets
- Creditors who are unwilling to negotiate your debts
- An inability to make minimum monthly payments
- The threat of home foreclosure
- Lawsuits on your debts
- Wage garnishment or property repossession
Filing for bankruptcy offers several important advantages. First, it puts an immediate and automatic stay against creditors. This means that, as soon as you file for bankruptcy, creditors cannot engage in any debt collection activities until your case is resolved or the stay is lifted by the court. A stay prevents your creditors from contacting you or moving forward with foreclosures, repossessions, wage garnishments, or lawsuits (in most cases).
Second, filing for bankruptcy can allow you to discharge your liability for certain eligible debts, meaning you will no longer be responsible for paying them back. You may also be able to restructure your debts and set up an approved repayment plan, allowing you to make manageable monthly payments while retaining most, if not all, of your property, assets, and possessions.
How Our Firm Can Help
If you are considering filing for bankruptcy in Kansas, we strongly recommend that you speak to an attorney about your various legal options. At Watton Law Group, our team can help you clearly and fully understand your rights, as well as the potential avenues of debt relief available to you.
Our Kansas bankruptcy lawyers assist clients with an array of related issues, including but not limited to:
- Chapter 7 bankruptcies
- Chapter 13 bankruptcies
- Lawsuits
- Class actions
- Foreclosures and repossessions
- Creditor harassment
- Debt restructuring
- Repayment plans
We are proud to offer personalized and compassionate legal services to individuals, families, and business owners throughout the state. We recognize the immense stress you are under, and we are here to help you find a solution that allows you to regain control of your finances so that you can move forward with your life.
Get in touch with our team today; call (816) 750-2388 or contact us online for a free consultation.