The current recession persists with an unemployment rate that continues to linger as high as 16.6% when the under-employed and those who have stopped looking for work are included. Many people find themselves in the midst of the current economic crisis facing the prospect of bankruptcy and fear losing what they have worked their entire life to build. Fortunately, bankruptcy does not mean losing all of the assets that you have worked hard throughout your life to accumulate. A qualified Kansas bankruptcy attorney can do more than simply help you seek bankruptcy protection. Bankruptcy attorney Rick Hodge is a lifelong native of Kansas and has assisted many consumers faced with overwhelming and daunting financial burdens. Kansas bankruptcy attorney Rick Hodge can not only help you seek bankruptcy protection but guide you through the process of protecting many of your more hard earned and valuable assets.
When one faces creditors making threatening phone calls, letters from collection agencies, civil judgments from creditors, wage garnishments, and levies against one's property, it can feel like one's life is under siege. Some people mistakenly start transferring assets to loved ones to put them beyond the reach of creditors and then try to file bankruptcy on their own. This is a very risky course of action because without legal advise from an experienced bankruptcy attorney a debtor risks having their bankruptcy dismissed or the transfers of property set aside as fraudulent transfers. The trustee has the ability to set aside a transaction that occurs within a year of filing bankruptcy if it is shown to be a fraudulent transfer to put the asset beyond the reach of one's creditors.
Kansas bankruptcy law includes two types of fraudulent transfers that may occur within a year of filing for bankruptcy protection: (1) actual fraud which requires the actual intent to defraud creditors as shown by the surrounding circumstances; and (2) constructive fraud which requires only that the trustee show that the transfer was for "grossly inadequate consideration" (i.e. compensation). If someone transfers significant assets to a friend, relative, or corporation when faced with civil lawsuits or judgments for far less than the value of the assets, a trustee may deem the transfer fraudulent. The trustee may still hold the debtor liable for the value of the asset from other assets in the bankruptcy estate or depending on the circumstances unwind the transaction and return the asset to the debtor's estate for distribution to creditors.
If a consumer seeks legal advice from a qualified Wichita Kansas bankruptcy attorney, the bankruptcy lawyer can provide guidance on how to protect one's assets. The form of bankruptcy can permit you to protect your home. The bankruptcy code also contains an extensive list of exemptions that can allow you to keep such important items as your automobile, 401k or retirement plan, work tools, household furnishings, annuities from personal injury settlements or judgments, and much more. Your bankruptcy attorney can make sure you know how your assets should be listed in your bankruptcy filing to maximize the value of these exemptions and protect as many of your assets as possible. An experienced Kansas bankruptcy attorney can also help you with strategies to protect the value of non-exempt items such as converting non-exempt property into property that is exempt.
Financial hardships can create staggering pressure, stress, and the fear of losing a lifetime of work and accomplishments. Kansas bankruptcy lawyer Rick Hodge has been helping people facing financial hardships for over 14 years. We know what you are going through and will not only help you determine if bankruptcy is right for you but also help you protect what you have fought so hard to build. Bankruptcy was developed to give those drowning in debt a fresh start but that does not mean you should have to start over with nothing. Before you risk losing the assets you have worked so hard to acquire, contact Wichita bankruptcy attorney Rick Hodge today for a free initial consultation.