Consult with a Bankruptcy Lawyer in Lawrence KS to Learn Strategies for Debt Relief

Debt doesn’t become a problem overnight. Most people who eventually file bankruptcy accumulate their debt over a number of years. For the majority of that time, the debt is easy to manage. They may even pay their balance in full every month. However, if they don’t have enough money in a savings account to cover their expenses if they lose their source of income, any amount of debt could potentially get out of control.

People in this situation might start to only make the minimum payment on the credit card bills and make arrangements with their utility companies to pay less than their total balance. This might help a family stay out of trouble for a short while but, as time passes, the problem only gets worse. When the balances get to a point where a person is not able to pay the higher minimum balances, it’s essential to take action right away.

A Bankruptcy Lawyer in Lawrence KS might be able to help a person struggling to pay their debts. Although many people continue to believe that filing for bankruptcy protection means they failed to manage their own finances, that is not the case. More than one million people file for personal bankruptcy every year in the United States. The majority of them work hard to pay their debts. Chapter 13 bankruptcy allows these people to continue to make payments on the debts they have accrued. The filing assures the payments will be affordable.

When an individual or couple meets with the Bankruptcy Lawyer in Lawrence KS, they may learn how the process works and how much of their income will have to be dedicated to monthly payments on their debts. Attorneys like Joseph I. Wittman Attorney at Law take their time to make sure clients understand what will be expected of them. When a family is in bankruptcy, they don’t have a lot of discretionary funds. This process helps them learn money management skills they may not have used very effectively in the past. Families that successfully complete Chapter 13 bankruptcy tend to have fewer problems maintaining a manageable level of debt for the rest of their lives.

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