What does Pre-petition vs. Post-petition debt mean in a Bankruptcy? Pre-petition debt is all debt that you have incurred prior to your bankruptcy case being filed. You must list all of your Creditors and debt when you file bankruptcy. Pre-petition debt is the debt that we are expecting to be discharged as part of your [...]
When people think about the debt listed on their credit reports and how the debt is affecting their credit scores, most are probably thinking of credit card debt. However, medical debt is a huge issue for people trying to make ends meet. Medical debt is not immediately reported on credit reports, until it has been [...]
What’s Mine is Mine until it becomes Ours when we get married – right? Not necessarily. To some degree you have a choice on how much you decide to co-mingle when you get married. Maybe you will have a His, Her, and Our bank account. Maybe you’ll never get around to adding their name to [...]
The simple answer is no, but read on. Although Chapter 7 bankruptcy often discharges many types of debts and helps people gain a fresh start. There is a limited list of debts that cannot be discharged. The non-payment of these debts is typically thought of not to be in the general public’s best interest. They [...]
Many people who come to visit with us about filing for bankruptcy have car loans. One of the most common questions from people is whether their car loan will be discharged in their bankruptcy case. Car loans are treated differently depending on what kind of bankruptcy you file. A Chapter 13 bankruptcy is open for [...]
If you have agreed to co-sign on a debt with a friend, partner, relative, or ex-spouse you may be in an unfortunate situation if the other person has stopped paying on the debt. When you co-sign for a loan you are as liable for the resulting debt as the person you are helping out. The [...]
Can I stay in my apartment if I am late on my rent and file a Chapter 7 Bankruptcy case in Kansas or Missouri?
It depends! You may be able to stay in your apartment, but you need to know the risks and your options. Typically, if you are late paying your rent then your landlord can take you to court and have you evicted. On top of that -- your landlord may get a judgment against you for [...]
You may file your bankruptcy case before your car is repossessed or you can chose to wait until the creditor repossess your car to file your case. The first thing to do would be to speak with a Kansas City Bankruptcy Attorney to determine which Chapter of Bankruptcy you will qualify for and if Bankruptcy [...]
Is there a reason my credit card debt would not be discharged if I file a Chapter 7 bankruptcy in Kansas?
Credit card debt is usually discharged in bankruptcy. Apparently there is a rumor or a misunderstanding regarding credit card debt and the ability to discharge it through a bankruptcy filing. None of what I have heard is based in truth. That is why it is so important to speak with and experienced Kansas City Bankruptcy [...]
The U.S. Trustee Program provides a Bankruptcy Information Sheet which gives general information about will happen in a bankruptcy case. In Kansas City, during your 341 meeting of creditors, your Trustee will ask if you have reviewed this sheet. Below is the information they provide regarding: What Is a Bankruptcy Discharge and How Does It [...]