Tax season is upon us. Many taxpayers are awaiting their highly anticipated tax refunds from the IRS, Kansas, or Missouri. Families are busy contemplating the best way to take full advantage of their refunds. Those debtors will very low debt, may decide to pay off their credit cards or medical debts. Other debtors realize their hard earned tax refunds will not make a life changing dent in their unsecured debt totals.
As a general rule in a chapter 7 Kansas bankruptcy case, tax refunds are not protected. This means if you file your bankruptcy case, then receive a tax refund you will be required to pay over your entire tax refund or a portion of your refund to the trustee. Kansas has recently adopted an Earned Income Credit (EIC) exemption in an attempt to protect the portion of your tax refund that is associated with the EIC. However, court cases are currently pending before the Kansas bankruptcy court to determine if this exemption is unconstitutional.
In a Missouri, chapter 7 bankruptcy case tax refunds are not specifically protected. However, Missouri debtors can take advantage of a wildcard exemption that could be used to protect at least a portion of their tax refunds.
In a chapter 13 Kansas or Missouri bankruptcy case, whether you will have to pay over your tax refunds during the course of your case depends on the circumstances surrounding your particular case.
We find most debtors have a real need for their tax refunds and cannot take the risk of losing the refunds during a bankruptcy case. It is usually a good idea for debtors to spend down their tax refunds on necessary and approved expenses. It is also a good time of year for debtors to review their withholdings to ensure they are receiving the lowest tax refund possible.
Tax season is the time when families begin to question whether a bankruptcy might be their best option at a fresh start. It is acceptable in Kansas and Missouri to use your tax refund to pay for a bankruptcy attorney’s fees. Now is the perfect time to schedule a free consultation with our Kansas City bankruptcy attorneys to discuss your options and how you can properly spend your tax refunds.
If you are behind on your home mortgage filing for bankruptcy may give you the ability to save your home. There are two different chapters of bankruptcy utilized by most consumers – chapter 7 and chapter 13. An automatic stay will go into effect on the day your case is filed under either chapter, with…
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Tags: Bankruptcy, bankruptcy questions, behind on mortgage, chapter 13, chapter 7, file bankruptcy, filing for bankruptcy, foreclosure, foreclosure help, Kansas, kansas bankruptcy, kansas city, kansas foreclosure, lenexa, Missouri, Olathe, Overland Park, sheriff sale
Yes! When you file your Chapter 7 or Chapter 13 Bankruptcy case in Kansas and/or Missouri you will have to list EVERYTHING! As was discussed in Debtor’s Duties : Part I, Debtors have a responsibility to the Court – such as listing ALL their creditors when filing their bankruptcy case. In this series of blogs,…
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Tags: asset, Bankruptcy, car, chapter 13, chapter 7, claim, debtor, duty, exemption, filing value, garnishment, home, house, IRA, Kansas, kansas city, lawsuit, lenexa, liability, Missouri, Olathe, Overland Park, property, Shawnee, trustee, wages
Our office will be closed on Friday, November 11, 2011 in observance of Veteran’s Day. A day off is always a welcome treat; however, we believe it is important to remember why businesses close on this day a few weeks before the Thanksgiving holiday. The purpose of Veteran’s Day is to have a day when…
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The Judicial Conference of the United States Bankruptcy Court has announced an increase in bankruptcy filing fees effective November 1, 2011. The filing fees are paid directly to the court usually in full at the time a debtor’s case is filed. The filing fee for a chapter 7 bankruptcy case will increase from $299.00 to…
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Tags: Bankruptcy, bankruptcy filing fees, bankruptcy help, bankruptcy information, Bankruptcy Lawyer, faqs, increased bankruptcy fees, info, Kansas, kansas bankruptcy, kansas bankruptcy fees, lenexa, Missouri, missouri bankruptcy, overalnd park
Yes, you must list ALL of your creditors. Debtor’s Duties : Part I There are many benefits to filing a Chapter7 Bankruptcy or Chapter 13 Bankruptcy case – you can stop a garnishment of wages, foreclosure on your home and harassing phone calls from creditors. Not only that, but you can discharge much, if not…
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Tags: Bankruptcy, bankruptcy code, car, chapter 13, chapter 7, creditors, debtor, duties, duty, exemptions, home, Kansas, kansas city, ks, Leawood, lenexa, Missouri, mo, money, Olathe, Overland Park, pay back, retirement, schedules, Shawnee, title 11, wage
Bankruptcy cases are overseen by the U.S. Trustee Program, which is a part of the Department of Justice. The U.S. Trustee program oversees the administration of bankruptcy cases throughout the United States. The states are divided into 21 regions. The state of Kansas is included in Region 20, with the regional office located in Wichita,…
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Tags: 341 hearing, bankruptcy information, Bankruptcy Lawyer, bankruptcy trustee, chapter 13 trustee, chapter 7 trustee, filing bankruptcy, kansas bankruptcy, kansas city bankruptcy attorney, kansas trustee, missouri trustee, private trustee, U.S. Trustee
Kansas and Missouri debtors can protect their retirement in bankruptcy In a chapter 13 bankruptcy you repay your creditors through a 3 or 5 year repayment plan. The trustee in a chapter 13 case does not look for any of your property that he can sell for the benefit of the creditors, so your…
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Tags: 401k, attorney, Bankruptcy, bankruptcy answers, bankruptcy help, chapter 13, chapter 7, exemptions, file bankruptcy, IRA, Kansas, kansas city, kc metro, ks, lawyer, Missouri, mo, Overland Park, pension, questions, retirement, Roth IRA, save property, save retirement
Credit Counseling Requirements Before Filing For Personal Bankruptcy In Kansas City As part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, before you file for bankruptcy relief, you must take a credit counseling course. This is a onetime class which you may take over the phone, online or in person. The certificate…
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Tags: attorneys, Bankruptcy, Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, budget, counseling, Credit Counseling Course, Department of Justice’s U.S. Trustee Program, jurisdiction, kansas city, lawyers, Overland Park, requirements
Consumers file bankruptcy for several reasons one of which is to stop a garnishment on their paychecks or bank accounts. Most consumers file a chapter 7 or chapter 13 bankruptcy, both will give you the protection of the automatic stay. The automatic stay goes into effect the moment your case is filed. Repeat filers with…
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Tags: automatic stay, Bankruptcy, bankruptcy answers, bankruptcy attorney, bankruptcy questions, file bankruptcy, filing for bankruptcy, foreclosure, garnishment, garnishment questions, Kansas, kansas bankruptcy, kansas city, lenexa, lift, Overland Park, stop garnishment
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