Bankruptcy offers many people the chance to make a fresh start in life when they are drowning in debt. Many individuals make the big mistake of trying to navigate the legal system themselves. This can have dire consequences since bankruptcy laws are in depth and complex. A person can not pay out more than he is bringing into the household. Insolvency, or the inability to pay a lender, is a problem many people face due to being laid off from work, divorce, or not making enough money from a job. Some people have extravagant expenditures or don’t manage their bank accounts wisely. Whatever the reason for having an excess of debt, steps need to be taken to make sure the problem is resolved to avoid action by a creditor such as repossession, garnishment of wages, and harassing phone calls.
Visiting a reputable bankruptcy attorney Topeka, KS can help decide if bankruptcy is the right course of action for an individual. He can also stop harassing phone calls at work and at home. Since some creditors will even go to a person’s home or place of employment, seeing a bankruptcy attorney Bethlehem is important to avoid abusive, unethical tactics on the part of creditors.
Bankruptcy laws are enacted on a federal level. The Constitution of the United States authorizes the creation of these laws as defined in Article 1, Section 8, Clause 4. This means Congress has a legal right to pass these laws and to say how they are implemented. There are different sections, or chapters, of the United States Code on Bankruptcy. Chapter 7, Chapter 11, and Chapter 13 are the main sections of this national law. These allow individuals in debt to form a repayment plan that a judge approves of or to liquidate assets accordingly.
Seeing a bankruptcy attorney Topeka, KS is just the first step to getting out of debt. A person must abide by the bankruptcy court’s decision regarding his specific case. Not doing so can result in legal problems. Choose a professional you can trust so you can get on the road to debt relief. Doing so will enable you to have a brighter future.