Bankruptcy was once a process that benefited the creditor more than the debtor. It also came with the stigma that people who declared bankruptcy were bad with their money and dredges on society. Since things were turned around so that bankruptcy benefits the debtor and allows creditors to write off the debt on their taxes, this process has become a viable debt resolution option for personal and business purposes. A Bankruptcy Attorney in Hutchinson, KS can help you get through the process, which can take at least 30 days. The following information will cover some of the areas of bankruptcy where a lawyer will be helpful.
The Types of Bankruptcy
One of the first things you will do is determine which form of bankruptcy, you qualify for and will work best for your needs. You may be able to make this determination during an initial consultation, but when you retain the lawyer, he or she will go into the details of the various types of bankruptcy for you. They will need to know your income and your debt level to begin helping you with this process. Chapter 7, 11, and 13 are the three most popular forms of bankruptcy, but there are others suited for specific life situations and businesses.
Documentation and Paperwork
It is crucial to the bankruptcy process to have all your paperwork and documentation in order. While your Bankruptcy Attorney in Hutchinson, KS will tell you what he or she needs for the process, there are some basics you need to know about what is required. Proof of your income and the various debts you are including in the bankruptcy. Depending on the type of bankruptcy, you may or may not have to include all your debt in the process. You should be able to keep things like your cars, clothing, furniture, and other personal belongings. Some bankruptcies allow you to stall foreclosure and allow you to keep your home.
Regardless of your station in life, if you suffer with debt problems, it is wise to handle the problem as soon as possible. You may think you can undergo the process on your own, but hiring a lawyer gives you a support system and prevents surprises at the hearing for settling or discharging your debt. Choose Oswalt, Henry, Oswald and Roberts for your bankruptcy needs.