If you can keep your property will depend on your exemptions when you file bankruptcy. 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 [...]
Chapters of Bankruptcy - the kind you file is going to be based on your needs and qualifications. 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 [...]
Will you get rid of all of your debts when you file for bankruptcy? It depends. What kind of debts do you have going in to the case? What type of case are you filing? What do you mean by 'get rid of' debts? The U.S. Trustee Program provides a Bankruptcy Information Sheet which gives [...]
Bankruptcy Guilt. Why you need to redirect your energy. 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 [...]
Accurate credit reports are essential for today’s consumers, so they can receive the best financing options available. It is important for all consumers to understand how and what kind of debts are reported on a credit report. The information reported on your credit report will determine your credit score.
April 1, 2021: New Median Income Figures Released for Kansas and Missouri Bankruptcy Filers Not sure which Chapter of Bankruptcy you should file? Finding out what you qualify for, may be a good place to start. In Bankruptcy, the Means Test looks at your Median Income and Family Size to determine which Chapter you may [...]
Expect your Kansas City Bankruptcy Attorneys to continue to guide you through the Bankruptcy process -- You will be fully prepared to "meet" with the Kansas City Bankruptcy Trustee assigned to your Bankruptcy case! Since March, 2020, all 341 Meetings have been held by phone. We expect this to continue as long as necessary to [...]
Bankruptcy is not inherently bad or good. It is an important protection for honest consumers who find themselves in big trouble with debt. A small minority of filers try to abuse the bankruptcy process to hide assets and cheat creditors. A large part of the reason why people say bankruptcy is bad is because they [...]
For Bankruptcy purposes, the Means Test looks at your Median Income and Family Size to determine for which Chapter you may qualify: Chapter 7 or Chapter 13 As of November 1, 2018, the Census Bureau Median Income by Family Size have been updated -- this happens about every 6 months. Several of the Median Income [...]
The best bankruptcy option for some debtors is a chapter 13. The reasons differ per debtor; however, usually it is because their income is too high for a chapter 7; they are behind on their mortgage and want to keep their house; they are behind on a car; have non-exempt property they wish to keep; [...]