We see the emotional and physical toll from financial stress on a regular basis. Our experienced bankruptcy attorneys work with clients every day in the Kansas City area who are facing crushing debt, foreclosure, property loss, or a financial situation that seems completely unmanageable. This blog provides resources and information to help individuals decide if bankruptcy is right for them.
When is the right time to file bankruptcy?
For many people, filing for bankruptcy is the best way out of a mounting and very stressful situation. If you’re having trouble paying your bills, receiving nonstop phone calls from creditors and collections agencies, having your wages garnished, or being sued by your creditors, you should seek the counsel of a bankruptcy attorney.
Who will know about my bankruptcy filing?
The only parties notified when you file for bankruptcy are you, your creditors, the bankruptcy court, and the Internal Revenue Service (IRS). Creditors can report the filing on your credit record, so it can appear there for a limited time as well. Your family, employer, and friends do not receive any official notice of your bankruptcy filing; however, the bankruptcy filings are public record.
What is the financial impact of bankruptcy?
Depending on which type of bankruptcy you qualify for, you may have to pay some of your debts back or may get them discharged, which means you're removed from the legal obligation to pay them. Bankruptcy can even help you stop foreclosure on your home and stop repossession of a car. It's important that you speak with a bankruptcy lawyer to understand your specific financial situation.
While filing for bankruptcy is a way to get a fresh financial start, it's also a big step. If you're considering bankruptcy in Kansas City, we can help you sort out all of your options and determine if filing is the right option for you. Contact our Kansas City bankruptcy attorneys to get started today with a free consultation.