If you have been living under the burden of significant debt, it is likely you have lost sleep at night and felt the stress of not knowing how you will ever pay back your loans.
An unmanageable debt burden can come on following a significant life change, such as a lost job or a disability. And while the situation was not predictable, your debt still remains as high as if you were earning the same income as you were before.
Unfortunately, this is not an uncommon situation for many people. For this reason, thousands have turned to Kansas City bankruptcy attorneys for help.
Advantages of Filing Chapter 13
Filing for Chapter 13 bankruptcy has its distinct advantages. If you still have a steady source of income, here’s how you may benefit from this specific filing.
- You can protect yourself from creditors. From the minute you start your paperwork with an attorney, creditors are required to contact your lawyer instead of you. This will help put an immediate stop to harassing phone calls and the burden of having to answer questions you are unsure how to answer. Instead, you can work only with your lawyer and eliminate the stress brought on by debt collectors.
- You can hold on to your property. As soon as your paperwork is filed, you enter a renegotiation process. This process takes into account a lot of information, including your current income level and the value of your assets. While your case is being considered, you are able to free yourself from the threat of foreclosure or the risk of having your vehicle repossessed.
- You can repay your debt with reduced payments. For so many homeowners and vehicle owners, the amount owed on a house or car is more than what it is worth. If this is the case with your assets, you may be able to reduce the amount of your debt and lower your monthly expenses. Because Kansas City Chapter 13 bankruptcy also allows you to pay off your debts over a longer period of time, your monthly bills will be even lower making them more manageable.
When you are ready to get your life back and experience the feeling of being free of unmanageable debt again, call us today at 816-842-6200 to speak with an attorney. Or you can email us and schedule your free consultation.