Kevin and Melanie Cooper are overwhelmed by their enormous debts and their inability to gain control over their financial situation. They are considering filing for bankruptcy but are unsure of the procedure, and about what assets and property they will be allowed to retain.
Do you find yourself in a similar situation as the Coopers? It is important that you contact a bankruptcy attorney immediately to evaluate your case. (Click here for a FREE assessment of your case.)
While it is not mandatory to hire a bankruptcy lawyer to represent you, it is a good idea to have one assist you and guide you when filing for bankruptcy. The details of Bankruptcy Code are many, as are those of the Federal Rules of Bankruptcy, and non-compliance of any rule or code may result in the dismissal of your case.
Our sponsoring Kansas bankruptcy lawyers are qualified, experienced and aware of any and every revision in bankruptcy laws. They understand the pressure that their clients are undergoing and try to make the process as easy as possible for them.
The two main Chapters under which individuals can file for bankruptcy are:
Chapter 7
This allows the debtor to file for a straight bankruptcy, wherein most debts are discharged. The exceptions include alimony, child support, student loans and undeclared debts.
Your bankruptcy attorney will list out all your assets and debts. Most of the debtor’s property and assets are liquidated and the creditors repaid. There are some exemptions though, which the debtor is allowed to keep. In Kansas, the exemptions include the property you live in or intend to live in of less than 1 acre in the city and 160 acres on farm, clothing, food and fuel for a year, jewellery valued up to $1000 and motor vehicle of less than $20,000.
A court appointed trustee will consult with the creditors, before deciding whether a debt is dischargeable. At this point, your Kansas bankruptcy lawyer will help you understand the legal aspects of the consultations.
Chapter 13
Bankruptcy under this chapter can be filed by those who have a regular income. Also known as ‘debt adjustment,’ it requires the individual to submit a systematic plan of repayment of debts. The debtor has up to five years to clear his debts.
A detailed list of assets and debts has to be worked out. Our sponsoring Kansas bankruptcy lawyers will ensure that no vital financial detail is left out. Your attorney will also create a repayment plan that suits you.
A trustee appointed by the court will approve the plan of repayment, after discussing it with the creditors.
Our sponsoring Kansas bankruptcy lawyers offer their services in Coffeyville, Hays, Arkansas City, Lawrence, Gardner, Augusta and other cities of Kansas.
