The Advantages of Filing Chapter 13 in Topeka, KS

When people become overwhelmed with too much debt, the alternatives they usually have are to file either Chapter 7 or Chapter 13 bankruptcy. Although filing bankruptcy used to be frowned upon, it isn’t all that bad in the view of today’s society. It is not ideal, but it is more accepted. A lot of people have had to file bankruptcy, sometimes more than once. For those that do not understand bankruptcy, there are advantages to filing a Chapter 7, and there are advantages to filing a Chapter 13. If parties are interested in filing a Chapter 13 in Topeka KS, here are some of these advantages.

A Chapter 13 bankruptcy is where the debtor reorganizes all of his or her debt and a plan (usually three years) is put into place to pay back what the court deems proper. Even though a Chapter 7 allows the debtor to wipe out all of the unsecured debts, there are advantages to filing a Chapter 13. For starters, the debtor will not be required to pay all claims. He or she gets to pay less for the car payment than the current payments. He or she can save the home from foreclosure.

Other advantages are that the debtor gets more flexibility in dealing with the creditors; taxes and child support are able to be paid, and the fees to pay the attorney upfront are a lot less. With a Chapter 13 bankruptcy, the debtor also can get benefits in dealing with the IRS. Some of those taxes can be discharged, pretty much like a credit card, only costing pennies on a dollar. Since the debtor is in a Chapter 13, the IRS cannot charge interest on the debt.

Joseph I. Wittman is an attorney in Topeka, Kansas who has been providing legal solutions for clients with bankruptcy problems. Clients have the option to either file Chapter 7 and Chapter 13, depending on which one they qualify for. They are welcome to call in for a consultation. If any potential clients are in need of information about a Chapter 13 in Topeka KS, they can visit the website of the attorney at joewlaw.com. Once there, they can go to where directed to “Click here.”

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