In Kansas, bankruptcy claims provide protection against foreclosure and lawsuits. It places a stay on certain debts and allows the consumer to settle the debts amicably. The following steps help a consumer complete these claims with a Lawyer in Lawrence KS.
Establish Eligibility for Bankruptcy
The consumer needs an income that is above their median for their specific area. For consumers in Lawrence, the median is $67,500. They submit copies of income statements for the six-month period prior to any attempt to secure a bankruptcy. These statements identify their income level. Any income that is lower than the average value qualifies consumers for chapter 7 only.
Identify All Exemptions and Debts
The consumer provides a complete list of their property and assets. Their attorney reviews the current bankruptcy laws to identify the exempted value. In Kansas, consumers acquire an unlimited homestead exemption. However, the property cannot exceed a one-acre lot inside the city limits. Farmland may extend up to 160 acres.
The consumer provides a complete list of all debts. They need the full balance, account numbers, and the creditor’s name. The attorney must verify these debts and their value before proceeding.
File the Bankruptcy Motion and Forms
The consumer files a motion to start the bankruptcy process. They submit all forms detailing their debts, properties, and assets. They need a full proposal for a repayment plan if they file chapter 13. If they file for chapter 7, they must provide a list of all assets that aren’t exempt.
Attend a Meeting of Creditors Hearing
The meeting of the creditors consists of settling any disputes initiated by their creditors. They must verify any new balance and prove that they didn’t acquire payment via alternative methods. These alternative methods include insurance claims for charged off accounts.
Complete All Requirements Identified in the Claim
A successful claim requires the consumer to pay all monthly payments on schedule for chapter 13. For chapter 7, they work with the trustee appointed to their case. They must use all disposable income to settle unsecured debts.
In Kansas, bankruptcy is a viable option for settling debts over time. It helps consumers to eliminate larger portions of debt without major repercussions. It is beneficial for consumers facing repossession and foreclosure. Consumers who need to hire a Lawyer in Lawrence KS Visit website today.
