exemptions

31 12, 2013

Is my Social Security Income protected from my Creditors?

2017-10-20T17:17:15+00:00 By |Bankruptcy FAQ, Social Security|

Your social security income may be protected from creditors – meaning they cannot garnish your social security check or the bank account that it sits in – if you protect it correctly. The relevant law is a section regarding Old Age, Survivor, and Disability benefits, which contains this language: 42 USC §407 (a) In general: [...]

28 04, 2011

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

2017-10-20T17:34:14+00:00 By |Bankruptcy FAQ, Exemptions|

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 [...]

14 04, 2011

Can I keep my car if I file Bankruptcy?

2017-10-20T17:34:30+00:00 By |Bankruptcy FAQ, Exemptions|

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 [...]

7 04, 2011

If I file bankruptcy can I keep my house?

2017-10-20T17:34:37+00:00 By |Bankruptcy FAQ, Exemptions|

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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