Relieve Excessive Debt With the Help of a Bankruptcy Lawyer in Topeka, KS

Credit can be an effective way for people to get the things they want and need without having to save the money required to make large purchases. However, when people use more credit than they can afford to repay, they often run into financial trouble. With more debt, the minimum payments on credit card bills are higher. Paying the minimum every month tends to result in even more debt when the balances are so high that only a small amount of each payment is applied to the principal. When a person is unable to make even the minimum payment due, they might turn to a Bankruptcy Lawyer in Topeka KS for help.

Bankruptcy law allows people to discharge their debts. In some cases, a person who files for bankruptcy won’t have to repay any of their unsecured bills. This might include credit card and medical debt or any other form of credit that was not secured by collateral, such as payday loans. However, in exchange for this relief, they may have to give up some of their assets. The law allows some exemptions, but many people have to surrender their homes and personal vehicles with Chapter 7 bankruptcy.

Chapter 13 bankruptcy is another option a Bankruptcy Lawyer in Topeka KS might discuss with a client. By choosing this type of debt relief, an individual or couple might be able to keep their property, but they will have to make payments on their debts over a three- to five-year period. The good news is, the payments will likely be more affordable than they were. The payment arrangements will be based on the person’s monthly income so even though they won’t have a lot of disposable money, they should be able to pay their debts.

It’s important to learn about all the options for dealing with debt before choosing bankruptcy. People who are interested in reducing or eliminating their bills can Click here to get more information. After gathering information, it’s important to schedule a no-obligation consultation with an experienced attorney to get the case started and get rid of the debt in the most effective way possible.