Struggling To Find the Right Bankruptcy Attorney? A Chapter 7 Strategy That's Simple, Thorough, and Principled
You and your spouse have finally decided to connect with a bankruptcy attorney. A Chapter 7 bankruptcy filing can be scary, confusing, overwhelming, and fraught with emotion. And if you are struggling simultaneously with other crises in your life - a big health problem, for instance, that pushed your family into debt; or a mortgage crisis, such as a threat of foreclosure - you may feel frustrated, as if you might never recover from your current financial catastrophe.
First of all, take heart. Some of the most famous (and wealthiest) figures in American history survived multiple bankruptcies, creditor problems, and other financial disasters. The Chapter 7 "liquidation" bankruptcy option might be a smart strategic choice to give you and your family a financial fresh start and get you back on track to living a better life.
A Kansas bankruptcy attorney (Chapter 7) working with you at Fletcher, Rohrbaugh & Chahine, LLP can work with you to help you understand whether bankruptcy is the right option for you and, if so, can successfully navigate you through the process. The stakes are high. If you wait too long, file Chapter 7 incorrectly, commit errors with your paper work, inaccurately report your assets, or make any one of a number of innocent mistakes, you could forfeit your right to discharge your debt in bankruptcy, particularly since the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), created strict eligibility standards.
The Means Test
To qualify for a Kansas City bankruptcy (Chapter 7) and wipe your debt slate clean, you must pass a means test. If your family’s income is less than the median income for Missouri or Kansas families, based on U.S. Census Bureau statistics, you are likely eligible. If you earn more than the median income, you might still qualify for Chapter 7, but you must meet other terms of eligibility. The court will consider the following:
- Your income over the past six months
- Mortgage payments
- Car payments
- Healthcare expenses
- Taxes owed
- Child support owed
- School expenses
- Other circumstances that are unique to the client
After deducting all these expenses, if you can still pay certain creditors about $100 a month or even more, Chapter 7 will not be an option for you. In this case, we can discuss alternative options.
Working with a Bankruptcy Attorney: the Chapter 7 Petition
The legal process will begin with filing a petition, schedules, and a statement of financial affairs with the U.S. Bankruptcy Court for the district in which you live. If you live in Kansas or in the Western district of Missouri, for instance, you must provide information such as the following:
- A list of your creditors
- The amount of money you owe them
- Your income source amount and frequency
- A list of all your property
- A detailed list of your monthly living expenses
Once you file for bankruptcy, your creditors cannot attempt to collect money directly from you. Generally, creditors must cease any and all collection efforts.
Kansas and Missouri Exemptions
Under Chapter 7, many assets are exempt from sale by the court-appointed bankruptcy trustee. Our bankruptcy attorney (Chapter 7) will help you understand which assets are exempt. Depending on your situation, with planning, you may be able to keep most, if not all of your assets, including your home and your car. The trustee may sell your non-exempt assets, if any, to pay your creditors.
341 Hearing
20 to 40 days after you file your petition, your trustee will hold the first meeting with creditors, called the 341 meeting. You must attend that meeting and your bankruptcy attorney (Chapter 7) will be present to help you. The trustee can ask you questions under oath about your property and debts. Your creditors can appear as well, although they seldom do.
Experienced. Practical. Affordable. – A Bankruptcy Attorney Working Chapter 7 For You
If you are seeking debt relief, and you need a bankruptcy attorney working Chapter 7 with you the team at Fletcher, Rohrbaugh & Chahine, LLP can help you make smart, strategic decisions. Connect with us at (785) 322-4013, or set up a free consultation with us through our online form. We look forward to discussing your situation with you and leveraging the bankruptcy court to ease your burdens.
Reach out to our attorneys for help with Chapter 7 bankruptcy laws in Douglas County at (785) 322-4013 or contact us online to schedule your free consultation. We look forward to discussing your situation with you and leveraging the Bankruptcy Code to ease your burden.
Fletcher, Rohrbaugh & Chahine, LLP
843 New Hampshire
Lawrence KS 66064
Telephone: (785) 322-4013
Fax: (913) 390-8101