The Steps of Declaring Bankruptcy

Filing for bankruptcy shelters you from having to pay back a portion of your debts, but that doesn’t mean that all of your debts are forgiven. Following a bankruptcy discharge, you will still be responsible for paying back student loans, alimony and child support, as well as overdue taxes. The first step in declaring bankruptcy is to meet with a business lawyer in Wichita to assess your eligibility.

As your business lawyer will advise, you won’t be eligible to file for Chapter 7 bankruptcy relief if you earn more than the median income in your state. Instead, you will need to work with your business attorney to determine whether you can create a Chapter 13 bankruptcy repayment plan. If you are filing business bankruptcy, then you must consult with a business law firm in order to file a Chapter 11 bankruptcy petition.

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