Assessing Your Choices For Settling Debts
In Kansas, consumers have a multitude of options to settle their debts. Among these options is bankruptcy. While this isn’t the correct choice for all consumers, it does present several benefits that could protect their interests overall. If you are seeking Debt Relief in Topeka KS today, you should contact your preferred attorney now.
Understanding Your Choices
If you are facing foreclosure, you should weigh all options before you take action. The reason for this is that bankruptcy isn’t your only choice. Your attorney can review your mortgage contract to determine whether or not there is evidence of predatory lending practices. Upon the discovery of unethical behaviors on your lender’s behalf, your attorney can request a loan modification.
With this modification, you can reduce the value of the mortgage and acquire better terms. This could mean a lower interest rate and reduced payments for the full duration of your mortgage. The attorney will oversee this process to protect your interests. When this is the case, your lender cannot file to seize your property. For this reason, it could prove to be the right solution for Debt Relief in Topeka KS for you.
Automatic Stays Help You
Alternately, if you determine that bankruptcy is the most advantageous strategy, you receive an automatic stay, which protects you against foreclosure. The issue with this concept is that if you qualify for chapter seven only, this duration of time will not exceed six months. At which time, your lender can re-file for a foreclosure, if you do not settle the debt or at least catch up your payments. A chapter thirteen claim, however, provides you up to five years of protection.
As you examine your debt-relief options, it is important for you to understand the ramification of your decision. If you choose bankruptcy, you are restricted from acquiring any new lines of credit. This implies that you are unable to borrow money from anyone, including short-term lenders. This could prevent you from acquiring emergency cash when you need it. If you need more details about Business Name today and schedule a consultation.