Exemptions

If I file bankruptcy will I lose my retirement?

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 [...]

Will the Trustee take all of my tools if I file Bankruptcy?

Or can I exempt them as Tools of the Trade? Under the Kansas bankruptcy exemption statute, every person is entitled to claim “books, documents, furniture, instruments, tools, implements and equipment, breeding stock, seed grain . . . reasonably necessary in carrying on the person’s profession, trade, business or occupation.” To determine if your property can [...]

Can I keep my car if I file Bankruptcy?

You can keep all personal property that is exempt. Under statute, every person residing in Kansas shall have exempt from seizure and sale upon any attachment, execution or other process issued from any court in this state certain personal property. Fortunately, Kansas exemptions are quite gracious so there is a good chance you may keep [...]

If I file bankruptcy can I keep my house?

When you file for bankruptcy any property you own will be classified as exempt property or non-exempt property.  Exempt property is safe during the bankruptcy.  Non-exempt property can be sold for the benefit of your creditors.  Each state is allowed to decide what exemptions are available to their residents. In Kansas, a Kansas resident is [...]

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