Facing insurmountable debt is a daily struggle for many in Kansas City. Financial worries keep them up at night wondering what can be done, how to stop the phone calls from harassing creditors or even wondering if they will face foreclosure. Fortunately, help is available. Debtors can choose to file for Chapter 13 bankruptcy, which may allow them to pay off their debts, keep their home and other assets from being foreclosed upon or repossessed and in general let them step forward on a fresh financial foot.
There are a number of reasons why a debtor may file for Chapter 13 bankruptcy. They may be receiving phone calls from harassing bill collectors. They may be facing foreclosure on their home. They may be struggling to make their mortgage or rent payments, along with making payments on credit cards or medical bills. In some cases they are facing a lawsuit brought by a creditor or their wages are being garnished.
Filing for Chapter 13 Bankruptcy can put a stop to the threat of foreclosure and harassing creditors. Then the debtor can work with the court to create a manageable repayment plan. Once the debtor sees the plan through, making timely and accurate payments for the duration of the plan, any debt that still remains may in some circumstances be discharged.
Our law firm understands the challenges debtors face when they are caught in a difficult financial situation. Coming up with a payment plan may seem daunting, but with the right help it can be done. To learn more about Chapter 13 debt repayment plans, please visit our website.