Bankruptcy FAQ

How Many Times Can You File Bankruptcy?

There are two chapters of bankruptcy most often used by consumers, chapter 7 and chapter 13.  When you can file another bankruptcy case and receive a discharge of your debts depends on what chapter you last filed and when you filed. If you received a discharge in a chapter 7 case filed: Within the last [...]

Can I file a Chapter 7 Bankruptcy?

The two chapters of bankruptcy utilized by most consumers are chapter 7 or chapter 13.    A case filed under chapter 7 will be a shorter case, where the trustee assigned is looking for nonexempt property to sell for the benefit of the creditors.  A case filed under chapter 13 will be open for 3-5 years, [...]

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 [...]

Will a Bankruptcy Affect My Credit Report?

A bankruptcy case will be reported under the public record section of your credit report. This same section of your credit report is where court cases involving creditor judgments are also listed. A bankruptcy case will be reported in the public records section for 7-10 years depending on the bankruptcy case filed. Chapter 13 bankruptcy [...]

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 [...]

What are the different Chapters of Bankruptcy?

There are several different Chapters of Bankruptcy. Part of the Bankruptcy Information Sheet provided by U.S. Trustee Program explains each as follows: Chapter 7 – A trustee is appointed to take over your property. Any property of value will be sold or turned into money to pay your creditors. You may be able to keep [...]

What Debts Can I Get Rid Of In 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 [...]

Feel Guilty About Considering Bankruptcy?

So many times we see our bankruptcy clients in anguish over the thought of wiping out their debt.  They feel guilty about walking away from their creditors.  In some cases the dilemma is obvious; the small town doctor who agreed to bill you for your office visits - resulting in a small debt or the [...]

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