Getting overwhelmed by debt is something that can happen to anyone. If you have reached a point in business where you can no longer be self-sufficient, maybe you should start thinking about filing for bankruptcy. Here are some of the important things to know about the process of filing for Chapter 13 in Topeka KS.
Determining if you qualify
There are criteria that you have to meet to qualify for chapter 13 bankruptcy. Below are a few of these requirements:
1. You must be able to prove that your average income is equal to or less than the median for the state.
2. You must show that it is not possible to repay 25percent of your debt in a period of 5 years.
3. You must be willing to come up with a debt repayment strategy after attending a certified debt counseling class.
4. You must be ready to list all the assets that you possess and all the debts that you owe.
5. You must not have filed for another bankruptcy for a period of at least 18 months prior to your current filing.
These are just a few of the things that you have to think about when you are filing the petition. To make sure that the process goes in a smooth manner, you need to hire a competent attorney.
The process of filing
The process normally starts with making an application. In the application, you will be required to give information such as:
1. Your debtors and the amount of money that you owe them
2. The amount of money that you earn and your expenditure
3. All your assets and liabilities
It is important that you avoid giving inconsistent or wrong information when filling these forms as this could get you disqualified. Hiring a bankruptcy lawyer will help you get the guidance needed to avoid getting disqualified. They will also represent you and make sure that you do not miss the proceedings. They will help you come up with a debt repayment strategy and start rebuilding your credit scores.
These are the things that you need to know about getting Chapter 13 in Topeka KS. To learn about the process, discover this info here.
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