In Kansas, attorneys help consumers make choices about settle their debts and avoiding adverse legal actions. These recommendations are based on the consumer’s individualized needs and the most suitable choice for asset protection. The following are details about how Joseph I Wittman Attorney at Law can help consumers with these actions.
Eliminate Overwhelming Debts
The consumer can eliminate overwhelming debts by filing for bankruptcy. The attorney can review their volume of debts and determine if a structured repayment plan or liquidation is the most effective solution. These options require the consumer to present evidence of eligibility. This evidence includes pay stubs, financial records, and titles or deeds to all properties owned by the consumer.
Stop the Foreclosure Process
Bankruptcy is also an effective strategy for managing foreclosure. Each chapter of bankruptcy provides consumers with an automatic stay. The automatic stay prevents any creditors from filing legal claims against the consumer. This includes lawsuits for residential properties, credit card debts, or consumer loans. The automatic stay lasts for the full duration of the bankruptcy chapter selected by the consumer. This equates to up to six months for liquidation and up to 5 years for a repayment plan.
Acquire a Loan Modification
The attorney could demand a loan modification if the lender added predatory lending practices in the mortgage contract. The attorney assesses the interest rates that were available to the consumer at the beginning of the mortgage. They also calculate the most appropriate mortgage value based on the consumer’s ability to pay.
Liquidate Assets to Settle Debts
Liquidation offers the opportunity to settle debts by selling assets and properties. The proceeds accumulated from the sale of these assets are used to pay off the debts. In some cases, a settlement is achieved to lower the balance of the debt.
In Kansas, attorneys help consumers identify the most suitable solution to overwhelming debts. These solutions could include bankruptcy, liquidation, loan modifications, and the acquisition of settlements. The attorney determines the most effective action based on the volume of debts and the consumer’s current needs. Consumers who need assistance with debts contact Joseph I Wittman Attorney at Law or Visit the website for more details now.