Chapter 7 Bankruptcy
Overland Park bankruptcy lawyer helps those who qualify obtain debt relief
No one intends to have a debt problem. But things happen that we don't expect. You might get into an accident and spend a few weeks in the hospital, leaving you with excessive medical bills and without a paycheck. Or, you might get a divorce and have to rely on your credit cards to make ends meet, leaving you with mounting debt that you can't get under control. There are many reasons why you might end up with debt that you can't manage, and filing for Chapter 7 bankruptcy could help you finally free yourself of that financial burden.
Filing for Chapter 7 bankruptcy is not as easy as filling out some forms and freeing yourself of credit card debt. You have to meet strict criteria to file, and your creditors can challenge your filing. That's why you need an experienced Overland Park bankruptcy lawyer from Stockton & Stern to help you file. An attorney from our team can help you understand if Chapter 7 is the right debt relief option for you, and then can put together the right filing and supporting documentation to ensure your success. You'll have a clean financial slate to begin again.
Who's eligible to file for Chapter 7 bankruptcy in Kansas?
Not just anyone can declare Chapter 7 bankruptcy and rid themselves of their unsecured debts. To qualify, you must show that your current monthly income is less than the median income in Kansas, which varies based on family size. Alternatively, you can show that you pass a "means test", which looks at your income compared to your allowable expenses and divided by month over a five-year period.
The means test is not as straight forward as it may seem, and a bankruptcy lawyer from our team will analyze your income and debts to help you understand if you qualify. Some expenses can be deducted for the test, and others cannot. Our experienced attorneys help you best understand the guidelines so you don't bypass an opportunity to get the debt relief you need.
Keeping assets in a Chapter 7 bankruptcy
One of the biggest questions that clients who are considering bankruptcy have is whether they will lose assets like their home or car when they file. They want to get rid of debt, not their hard-earned investments. The answer is: It depends. In many cases, clients are able to keep their homes and their vehicles. The final determination is based on the value of those assets.
Our experienced Overland Park bankruptcy attorneys help you compile a list of what the court would consider assets, even including things like clothing and furniture, and then help you establish a proper value for them to determine how much you might be able to keep. If you haven't lived in your home a long time or the value hasn't changed dramatically, chances are very good that you won't have enough equity in it to risk losing it. However, if your assets do exceed the limits outlined by the courts, our attorneys will work with you to determine the right debt relief strategy to save those assets and discharge as much debt as possible.
Get the fresh financial start you need by working with a trusted Overland Park bankruptcy attorney
We understand how hard it can be to get out from overwhelming, mounting debt that you may have acquired simply because of a number of bad circumstances. The Overland Park bankruptcy attorneys at Stockton & Stern are here to help. Call our office at (913) 856-2828 to find out if you qualify for Chapter 7 bankruptcy and if this debt relief strategy is right for you. You can also use our secure online form to schedule a consultation. Don't suffer under the weight of your debt. Let us help you by taking advantage of your legal rights to debt relief.