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Every time the phone rings, you are gripped with fear. Trips to the mailbox tie your stomach into knots. At times you feel trapped by your debt. Too embarrassed to ask friends or family for help but in desperate need of relief. If any of these scenarios feel familiar to you, it may be time to explore a personal bankruptcy.

There are several myths about filing for bankruptcy, which might cause some individuals in Kansas to question initiating the process. First, some believe that bankruptcy is only for the rich. This is certainly not true. The laws of bankruptcy are clearly outlined, and anyone who meets the criteria, regardless of economic status, is eligible for bankruptcy. Chapter 7 bankruptcy allows debtors to get rid of most of their debt with the liquidation of assets. A chapter 13 bankruptcy creates reasonable repayment plans to eliminate debt.

The second myth is that bankruptcy is for lazy people who are not responsible. On the contrary, bankruptcy is sometimes the only hope for hard working individuals who have faced disastrous life events. Things like the loss of a job or a serious illness can cause a person’s savings to dissipate. Sometimes, bankruptcy is the only way to end the harassing phone calls and get back on the right financial foot.

Seeking detailed advice about the bankruptcy process could help residents in Kansas that are considering bankruptcy. The road to bankruptcy begins with obtaining a full financial picture of the individual or the family. After assessing their financial status, it can be determined if bankruptcy is the right option, and if so, which type of bankruptcy would work best to alleviate the specific issues plaguing them. Seeking the assistance of an experienced attorney can help set a plan of action in place so that you can begin the process of eliminating debt.

Source: For more information, please visit our Chapter 7 Bankruptcy page.