False Statements about Bankruptcy
The statements below are only some of the myths that are rampant in Kansas
about bankruptcy. If you are a Kansas resident considering bankruptcy
but are concerned about something you have heard, you are urged to contact a
bankruptcy lawyer in Kansas.
Bankruptcy is no longer available. Under the recent bankruptcy law changes, bankruptcy was made somewhat more
complicated but it is still there. Your bankruptcy attorney can guide
you through it.
You can get rid of all of your debts. Certain debts such as student loans or debts incurred due to fraud cannot
be extinguished in Bankruptcy Chapter 7.
You lose all of your property when you file bankruptcy. This is not true. When filing Chapter 7, you may keep all property exempt
from execution including your house, car up to $20,000 in value, furniture,
appliances, clothing and more.
You are a bad person by filing bankruptcy. Most bankruptcies result because of things which a person could not easily
avoid including medical emergencies, job loss or divorce.
You cannot keep your property when filing bankruptcy. When filing for Chapter 7 to extinguish your debts, you give up only non-exempt
property. When filing for Chapter 13, you may keep
all of your property as you propose a plan to pay back your debts. Meanwhile
you receive full bankruptcy protection from lawsuits and wage garnishments.
When you file for bankruptcy, you will not be able to get credit. False! After completing bankruptcy, you now have no debts and so credit
companies will now consider you for loans where previously they would not.
You cannot get rid of credit card debt or medical bills in bankruptcy. Yes, you may.
You cannot get bankruptcy if you have a job. False! If your disposable income is below a certain limit you may qualify
for Chapter 7 regardless of having a job. If your disposable income is
too high, you may still file under Chapter 13.
Kansas Bankruptcy Attorney Will Answer Your Questions
At Rick Hodge, Attorney at Law, L.C., we stand ready to answer your questions
by phone about bankruptcy. We service the entire state of Kansas and you
do not have to come into our office for a consultation.
Contact the Bankruptcy Lawyer in Kansas
for competent answers to your bankruptcy concerns.