Wichita Bankruptcy Lawyer

Are you contemplating filing for bankruptcy? Are you being plagued with questions such as these? What is bankruptcy? How does one file for bankruptcy? How will it affect my life? For answers to these questions and more, contact our sponsoring Wichita bankruptcy lawyers. Well qualified, experienced and competent, our lawyers are conversant in all aspects of bankruptcy law and any revisions made in it.

While it is not compulsory for you to hire a bankruptcy attorney to represent you, it will be wise to do so. Filing for bankruptcy is a serious legal and financial decision and there can be no room for errors. The Rules of Federal bankruptcy and the Bankruptcy Code have to be adhered to, when filing for bankruptcy, or else the case could be dismissed. Your Wichita bankruptcy lawyer will ensure that you make a decision only after you have understood how the decision will affect your life. Click here for a FREE assessment of your case.

Bankruptcy for individuals can be filed under Chapter 7 and Chapter 13. Your Wichita bankruptcy lawyer will explain both chapters to you and then help you make a decision that best suits your individual case.

Chapter 7
Filing for Chapter 7 bankruptcy will discharge most of your debts. Chapter 7 bankruptcy requires the liquidation of most of your assets and properties. The debts that are not discharged include child support, alimony and some student loans.

Once your assets are liquidated, the money is used to repay the creditors. A court appointed trustee will oversee all the proceedings. A current financial statement has to be submitted along with a detailed list of assets and one of debts. Your Wichita bankruptcy lawyer will assist you in making these lists. It is vital that no debt is missed, for it will not be discharged.

A debtor is allowed to retain some items. These are known as exemptions and these vary from state to state. Kansas bankruptcy exemptions include real estate or mobile home that you will reside in, clothing, food and fuel for a year, jewellery worth $1,000, tools of the trade of $7,500, and public benefits.

Chapter 13
Bankruptcy under this Chapter can be filed only by individuals with a regular source of income, who want to repay their debts over a stipulated period of time. A repayment plan has to be submitted. This plan will be approved by a court appointed trustee, after he has consulted with the creditors. A complete and descriptive list of debts, including the names and addresses of the creditors, has to be provided, along with a list of assets. Your bankruptcy attorney will help you through these processes.