One of the most common types of bankruptcies filed by consumers is Chapter 7 bankruptcy. Chapter 7 bankruptcy in Kansas can sometimes referred to as “straight liquidation” because your assets are liquidated in exchange for receiving relief or a “discharge” from your debts. This does not necessarily mean you will lose your home, car and belongings if you choose to file Chapter 7.
Each state defines what is needed for a fresh financial start and provides exemptions for those items so they cannot be taken by your creditors. In fact, most Chapter 7 cases are filed as no-asset cases, which means there are no assets to liquidate because they are claimed as exempt. Our experience being one of the leading Kansas City bankruptcy lawyers allows us to find out what exemptions you qualify for in Kansas or Missouri. Be sure to consult with bankruptcy lawyers in Kansas City or those practicing in the state in which you reside.
Since there are new bankruptcy laws, call us or use the contact form to the right to find out more about Chapter 7 bankruptcy and how it will affect you.
