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Filing for Bankruptcy in Kansas

What is the Process of Filing for Bankruptcy

For most individuals the process for filing for bankruptcy is not a familiar series of steps.  A bankruptcy normally happens only once in an individual's life.  There are many questions and confusions that arise as to what it is and what it will mean in terms of your own life.  The emotions and uncertainties can make this one of the toughest decisions you will ever face.  Common questions are:

  • What is a Chapter 7 bankruptcy? Why is it different than a Chapter 13?
  • Which of the two should I choose? How long will they take?
  • Can I eliminate my debts? What if the creditors fight back?
  • Can I lose my job? Will my house be protected? What about my car?

These are just some of many questions asked and why it is so essential that the first step in a bankruptcy process should be a consultation with a Kansas bankruptcy lawyer experienced in this area of the law.  That is the time to ask questions and decide whether bankruptcy is a healthy option for you.

Each bankruptcy is different and various steps can take different amounts of time or effort depending upon your circumstances however there is a basic path that bankruptcies follow.  The first step will be determined in your consultation which will be to determine your eligibility and which type to file for.

From there the next 60 days follow fairly precise timelines of filings, submitting schedules to cover the financial picture of the petitioner, repayment plans as need be and mailings to inform creditors.  During this time a creditor's meeting called a Section 341 is held by the trustee presenting the repayment plan.  The deadline for the filing of any creditor objections to the plan or to the discharge of debt is within 60 days of that meeting.  At this time any objections have to be negotiated or litigated against. 

Finally, depending upon the type of debt or possible creditor objection, most deadlines are over within a maximum of 180 days and the bankruptcy is complete.  If a Chapter 13 has been filed then the period of repayment can extend for 3 to 5 years beyond this date.

It can be a complex proceeding and involve multiple informed choices.  To assist you in obtaining a successful bankruptcy result you should contact a Kansas Bankruptcy Attorney for an immediate consultation.

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