Debt Relief in Wichita

There are several avenues for relief open to you depending on your circumstances:

• Debt Negotiation - This is a path short of Bankruptcy. This is workable if you have an unsecured debt and can put together a fund to negotiate with. The strategy is that you offer to give the creditor a lump sum in exchange for a favorable settlement such as 50 cents on the dollar.
• Bankruptcy Chapter 7 - This is a good solution if you have no real hope of paying off your debts. Once bankruptcy is filed, all creditor action against you is suspended and at the end of the process all of your dischargeable debts are cancelled. You may keep household goods, personal items and other exempt property. If you have a car loan or mortgage on your house, you may still keep the property if you maintain the payments.
• Bankruptcy Chapter 13 - This is very helpful if you have a good income and want to pay your debts but have fallen behind. As in Chapter 7, creditor action against you stops. You keep your property and work out a plan to pay off your debts over an extended time.
• Bankruptcy Chapter 11 - This is a plan similar to Chapter 13 except for your business. It affords bankruptcy protection to you while you reorganize your business finances and formulate a plan for repayment of your debts.