A chapter 13 bankruptcy attorney can help you get out of your dire financial situation. If you are struggling with financial problems and can’t see a way out, contact Jeff Gedbaw at the Gedbaw Law Firm, LLC. Jeff proudly serves clients in Lee’s Summit, Overland Park and the Greater Kansas City Metro area. He can help you find your way through this difficult problem.

 

Even if you are a careful money manager, financial disaster can strike at any time. Sometimes it’s a sudden job loss. Maybe you have accrued unexpected medical expenses due to an emergency. Perhaps a natural disaster has struck your home. Any or all of these can put a strain on your financial resources and result in debts that you are unable to pay. You’re not alone! Although consumer bankruptcy filings have been on the decline since 2007, thousands of Americans go through this process every year. A Chapter 13 bankruptcy attorney like Jeff Gedbaw has the experience and knowledge to help you navigate your financial storm.

 

There are two types of bankruptcy. Under Chapter 7 bankruptcy, you are able to completely discharge debts, meaning that those debts never have to be repaid. Under Chapter 13 bankruptcy, some debts may be repaid over a specified time period at lower payment rates than previously. This article will focus only on Chapter 13 bankruptcy, sometimes called a “wage earner’s plan.” This type of bankruptcy filing allows individuals with regular income to develop a plan to repay some or all of their debts. 

 

Many people don’t consider bankruptcy to be a viable option because they mistakenly believe that filing for bankruptcy means you will lose everything. This is not true. If your bankruptcy attorney in Lee’s Summit determines that Chapter 13 is the right type of filing for you, your assets will still be protected. You may be able to keep your home, your car, and most other property, but you will pay for them over a set period of time that the court will establish. Making payments affordable is a big advantage of this type of bankruptcy. 

 

When you file for this type of bankruptcy, your chapter 13 bankruptcy attorney will help you develop a proposed repayment plan. Under this plan, you will make installment payments to creditors over a period of three to five years. The time period allowed depends upon the state median income level where you live, but in no case may payments take longer than five years. During this repayment period the law forbids creditors from starting or continuing collection efforts. That means no more embarrassing phone calls from debt collectors disrupting your family time. No more dread of picking up your mail and seeing nothing but past due bills and collection notices. When you have a plan in place, you can relax and enjoy your life knowing that the things you have worked hard for are protected.

 

If you would like to learn more about your options under bankruptcy, contact the Gedbaw Law Firm, LLC at (816) 379-5329 for a free consultation. Jeff is licensed as a chapter 13 bankruptcy attorney in both Kansas and Missouri. You may find your situation embarrassing, but don’t let that stop you from seeking help. Our firm’s philosophy is to offer the best in expert legal counsel in a friendly and compassionate manner. Don’t wait for wage garnishments or other legal action to commence. Call us today!