Kansas Bankruptcy Information Center

Kansas Bankruptcy

Welcome to the Kansas Bankruptcy Information Center. The Law Office of Paul Post has provided you with all the necessary resources you need if you are considering a bankruptcy. It’s important to know all the facts around debt relief options before making a decision. The most important one is examining your own personal financial situation and choosing the best solution that is right for you. Working with an experienced Kansas bankruptcy attorney like Paul Post can offer you free advice when considering a bankruptcy in Kansas. Filing a bankruptcy will provide you with freedom, freedom from debt, from creditors, and from worry. At the Law Office of Paul Post, located in Topeka and serving clients in Lawrence and Northeast Kansas, we can help. We offer debt relief help in Chapter 7, Chapter 13 and Chapter 11 bankruptcy for consumers, small business and farmers. To find out more, contact Paul at 785-273-1353 for a free consultation.

Bankruptcy – How does it work?

Bankruptcy is law that provides debt relief to individuals, farmers and businesses in serious financial hardship. Bankruptcy law is a federal statute that is implemented under Article I of the United States Constitution. The bankruptcy process begins by totaling the debtor's assets and liabilities and providing a structure where the debtor is allowed to keep most of their property and ordered to settle outstanding debt established by bankruptcy law and managed by a bankruptcy court. All remaining debts that cannot be paid are discharged, except those of certain types, like domestic support orders, debt obtained by fraud and tax debt.

Kansas bankruptcy can be thought of as good solution for those who really need it because it allows for a fresh start, a new beginning and frees one from the financial bondages and harassment debt creates. Filing a Kansas bankruptcy is something that needs to be examined with an experienced bankruptcy attorney. They can explain your options and the entire bankruptcy process in detail.

If you are facing serious financial challenges, harassment from creditors or even garnishment of bank accounts or work wages, it is very important to seek the counsel of an experienced bankruptcy attorney, we invite you to contact the Law Office of Paul Post in Topeka, Kansas, to help you understand your legal debt relief options as it relates to your own financial situation.

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Chapter 13 Bankruptcy

Kansas Bankruptcy Chapter 13 Attorney

Under the Chapter 13 bankruptcy law, formerly known as a "wage earner plan," the purpose is to attempt repayment of bills, rather than simply canceling them out. Under present law, a debtor must have regular income from some source, and usually must pay a minimum of $50.00 per month for a period of three years to be eligible for this type of bankruptcy. However, since the facts of each case vary, oftentimes the payment will be considerably more than the $50.00 per month. The reason for this is that any creditors to be paid, including secured creditors such as on car payments or other secured loans, are included in the one payment that is made to the Bankruptcy Trustee.

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Chapter 7 Bankruptcy

Kansas Bankruptcy Chapter 7 Attorney

In a Chapter 7 bankruptcy, also called a "straight bankruptcy", any "nonexempt" property or assets will be sold by the Bankruptcy Trustee, with the money derived from the sale of property to be used to pay the creditors' claims. However, most property owned by individuals is "exempt property." This means that the property is exempt from attachment by the creditors, and cannot be sold or utilized to pay creditor debts. In Kansas, a person's residence, automobile, household goods and furnishings, wages, and personal effects are generally all exempt and cannot be taken by the creditors or by the Bankruptcy Trustee.

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Business Bankruptcy

Kansas Bankruptcy Business Attorney

Filing bankruptcy for your small business is similar to filing consumer bankruptcies. Bankruptcies for small business are designed to help business owners eliminate or repay their debt under the protection of the bankruptcy court. Business bankruptcies are usually described as either liquidations or reorganizations depending on the type of bankruptcy you take.

There are three types of bankruptcy that your business may file for depending on its business structure. Sole proprietorships are legal extensions of the owner. The owner is responsible for all assets and liabilities of the firm. A sole proprietorship can do a bankruptcy by filing for Chapter 7, Chapter 11, or Chapter 13. Corporations and partnerships are legal entities separate from their owners. As such, they can file for bankruptcy protection under Chapter 7 or Chapter 11.

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Bankruptcy for Farmers

Kansas Bankruptcy Chapter 11 Attorney

This type of bankruptcy is available for business and is used by farmers who are faced with this action as their only option, and allows troubled farms (or even individuals in business) to reorganize or restructure debt so that the farm can continue to function. The idea is that a farm will probably be better able to pay debts if given some debt relief verses liquidating a troubled farm’s assets. A detailed plan or reorganization is submitted by the debtor to all creditors about four months after the case is filed. Creditors are allowed to vote for or against the plan. If a majority of creditors fail to vote for the plan, the Bankruptcy Court may still approve the plan in certain circumstances.

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Medical Bankruptcy

Kansas Bankruptcy Medical Attorney

Actually, there isn't any bankruptcy law called medical bankruptcy but many people use this term because they are faced with overwhelming medical bills that cause a bankruptcy. Unpaid medical bills or medical debt can lead to wage garnishments and is best to seek an experienced Kansas bankruptcy attorney for help early on.

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