Ever wonder what will happen to your possessions if you choose to file for bankruptcy? While many people tend to believe that bankruptcy wipes out all of their belongings in order to pay back any debt, the law actually protects you and your family from having certain items repossessed. The following are nine items which you are entitled to keep when filing for
Chapter 7 bankruptcy in the state of Kansas:
- Homestead Exemption: You may keep up to 160 acres of farming land or 1 acre within the limits of a town or city, a manufactured or mobile home.
- Vehicle Exemption: You may keep a vehicle up to the value of $20,000; however there is no limit on a vehicle equipped for a handicapped person.
- Household Goods: These are exempt, including furnishings, equipment and other supplies.
- Business Equipment is exempt: All tools and equipment up to &7,500 are exempt.
- Child Support: This is exempt.
- Public Benefits: Such as workers' compensation and unemployment benefits are exempt.
- Jewelry: up to $1,000 is exempt.
- Pension Money: The three previous months of pension are exempt.
- Burial Plot: This is exempt.
Most importantly, if you have been considering bankruptcy as a means of debt relief, do not wait another minute longer to call Kansas bankruptcy lawyer Rick Hodge to get the legal help and representation you deserve.
Contact Rick Hodge, Attorney at Law.