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Kansas Bankruptcy Lawyer

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Bankruptcy is a common occurrence in the United States today, and in the state of Kansas, roughly 15,000 bankruptcies are filed each year as businesses and individuals find themselves in an impossible financial situation. Bankruptcy protection may be the answer these individuals or businesses are looking for to get debt relief, but before embarking on a bankruptcy filing alone, it's important to consult with a qualified Kansas bankruptcy attorney.

Bankruptcy can be defined as the legal inability to pay debts or the state of having been legally declared bankrupt. A person or business is no longer able to support itself. Obtaining bankruptcy protection can be a grueling process and because bankruptcy laws can be complicated, due to the many different types of bankruptcy, it is highly recommended that you hire a bankruptcy lawyer or attorney to help you with your case especially if you own a business and have valuable assets.

A Kansas bankruptcy lawyer or attorney will be well-versed in Kansas bankruptcy laws, including statutes, codes, and exemption laws, and they will discuss the different types of bankruptcy with you in order to advise you on which one is best for your situation. The different types include Chapter 7, Chapter 11, and Chapter 13 (the most common types), and Chapter 9, Chapter 12, and Chapter 15 (less common).

In Kansas there are certain bankruptcy exemptions, which is a list of the kinds and values of property that creditors or bankruptcy trustees are legally unable to reach. The debtor is allowed to keep the property that is considered exempt, and what is exempt and the amount that is exempt varies from state to state. Real property, manufactured homes, or mobile homes are exempt of an unlimited value. A motor vehicle is exempt up to $20,000, clothing to last a year, furnishings and household equipment, food and fuel to last for one year, jewelry up to $1,000, and a burial plot are all exempt. Wages, tax exempt retirement accounts, federal government pensions, general assistance, Veterans' benefits, social security, unemployment compensation, workers' compensation, and crime victims compensation are all exempt. Tools of the trade are exempt up to $7,500 as well as national guard uniforms and equipment. Life insurance proceeds and liquor licenses are also exempt.

Once a Kansas bankruptcy lawyer or attorney has explained your options, they will oversee your case, beginning to end. In some situations, the individual or business will go before an Kansas judge and work out a payment plan, or they will have a partial or full discharge of most debt. In some cases, all debts are discharged. Yet if you file for bankruptcy in the state of Kansas, your credit will be negatively affected for up to 10 years. A Kansas bankruptcy lawyer or attorney will explain the risks as well as offer other possible alternatives to bankruptcy. Keep in mind that a Kansas bankruptcy lawyer or attorney will also have extensive knowledge about debt management.

In 2008 a cumulative 8,711 individuals filed for bankruptcy in Kansas, 69% for Chapter 7 and 31% for Chapter 13. If you are ready to contact a Kansas bankruptcy lawyer or attorney to explore your options for debt relief, visit the American Bar Association (ABA) website. The ABA features a lawyer locator, which allows the user to search bankruptcy lawyer profiles in Kansas. Access to the site and profiles is absolutely free. The number of people who are filing for bankruptcy may only grow as financial issues worsen, and they need help to get through the process and to begin their recovery. Use the help provided to find your way back to financial stability, once again.