-
-
Bankruptcy is a method for people in a certain degree of financial trouble to start over with a clean slate. If you've been planning on filing for bankruptcy in Kansas, think of it simply as a proven system for getting you the fresh start you want. Don't forget that these laws were designed to help you, so there isn't much point in viewing them in a negative way. This page shows you How to File for Kansas Bankruptcy.
-
-
Introduction
Bankruptcy filings take place in federal court because bankruptcy falls under the jurisdiction of federal law in all 50 states across the US. However, Kansas state law can still have a role to play with respect to certain areas of the process, for example, like when determining which assets are exempt from liquidation. -
Featured Video: Kansas City Bankruptcy Attorney Kenneth M. Gay
Description: In this video, bankruptcy attorney Ken Gay talks about how he has helped more than 3000 people file for bankruptcy. He does free in office consultations, and can personally help you determine if bankruptcy is right for you by explaining the entire process.
-
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a legal process enacted with the purpose of freeing an individual facing financial struggles from unsecured debt obligations. However, Chapter 7 does not wipe out secured debt like mortgages or car payments because those loans have collateral.This type of bankruptcy is also known as straight or liquidation bankruptcy. Some people have concerns about this type of filing due to what they've read about asset sales, but forced liquidation can often be avoided if you can pass a means test. Also, a Chapter 13 restructuring is always available as a second option if you decide that Chapter 7 isn't going to be of value to you.
-
The Chapter 7 Income Test
To pass the Chapter 7 Bankruptcy means test, you'll need to show that your total income is less than the state median. This figure is measured by the Census Bureau and varies depending on the size of your household. The following maximum incomes apply in cases filed after March 15, 2009http://research.lawyers.com/Kansas/Bankruptcy-in-Kansas.html:- Single individual: $41,004
- Two person family: $56,146
- Three person family: $63,245
- Four person family: $74,626
- Five+ person family: $74,626 plus $6,900 for each extra individual over four
Chapter 7 Exemptions for Kansas
Once you're sure that you're eligible to file for chapter 7, it's very important that you enlist the help of a bankruptcy lawyer so they can cover with you all of the exemptions you have a right to use. Though your attorney has the experience to come with the best strategy, here are a just a few of the allowable exemptions in Kansas:http://research.lawyers.com/Kansas/Bankruptcy-in-Kansas.html- Household furnishings, equipment, supplies, food, fuel and clothing for one year
- Life insurance proceeds and interest if bankruptcy was filed more than one year after policy issued
- Books, furniture, tools, equipment, breeding stock, seed grain or growing plant stock for person's trade to $7,500
- Jewelry to $1,000
- Unemployment compensation
- Worker's compensation
- One motor vehicle to $20,000
- 75% of disposable earnings
- Funds held for prearranged funeral agreement
- Burial plot
About this page
-
Page Views0
This page currently has no vertical manager.
