There was no intention of sinking deeply into debt, but it happened anyway. All it took was a medical situation that required months to resolve coupled with a reduction of income. Along the way, the individual tried to manage it all with the use of credit cards and skimping on income tax payments. Now that everything has come to a head, there’s a real danger of losing the home and everything else of value. While there is no way to undo the past, one of the Attorneys in Lawrence KS can help bring some order to the chaos. Here is how the attorney can help.
Evaluating the Situation
Before any of the Attorneys in Lawrence KS can provide help, they must understand exactly what their clients are facing. That means taking a look at every aspect of the client’s finances. Along with information about income, there is the need to know the amount and status of each debt obligation. If the client owns any type of real estate or other assets, they need to be part of the evaluation. Once all the details are on the table, the attorney can set about helping the client explore possible solutions.
Qualifying for Bankruptcy
Bankruptcy may not be what the client wanted to do, but it may be the only practical solution. This is especially true when no amount of negotiations with creditors will make it possible to repay the debt. Before the matter can proceed, the attorney will determine if the client is eligible for any form of personal bankruptcy. This means undergoing the means test.
Essentially, the means test is designed to ensure the individual can file for bankruptcy. People who generate under a certain amount of income will meet the requirements easily. Even those who make more money may qualify if the ratio of debt to income is over a certain limit. Once eligibility is determined, the attorney can point out the merits of filing a particular type of bankruptcy based on the type of debts the client carries.
Stop worrying about how to take care of the debt. Contact Business Name today and arrange for a consultation. There’s a good chance that bankruptcy will be the most practical way to deal with the situation and have the chance to start over.