Topeka Bankruptcy Lawyers | Filing in Kansas | Debt Relief | Chapter 7 | Chapter 13 | in Topeka KS | Se Habla Espanol

bankruptcy attorneys in TopekaWe are a debt relief agency as described in 11 U.S.C. § 527(b). To read the full text of this statute click here. Save $100! Call today for details. (Offer expires on November 20, 2011) Tired of debt collectors?(785) 274-9040

Financial Freedom - Peace of Mind(785) 260-7070 EspañolRecommendations since May 2011

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Why Bankruptcy?

Bankruptcy & Foreclosure : Pros & Cons of Chapter 7 Bankruptcy

If you are overwhelmed with debt, bankruptcy protection provides an option. You can carry that debt on your shoulders for the foreseeable future, or you can start fresh.

It can mean the difference between saving your home or foreclosure. It can stop garnishments, discharge medical bills, and end harassing phone calls from creditors.

My clients often find they have room in their budget and they breathe easier knowing their debts are behind them.

Are you ready to start fresh?

(785) 274-9040

Tax Help : What Happens When You File Chapter 7 Bankruptcy?

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About Me

Every client I work with is facing unique challenges, and I pride myself on providing customized solutions for those challenges. People often wonder if there are alternatives to bankruptcy, and sometimes there are, but even within bankruptcy there are options to fit your unique situation.

However, one thing is universal for everyone facing the kind of financial stress that would make a person consider bankruptcy: the need for someone they can trust to help them through the process.

As an attorney, it is my professional responsibility to use all of my knowledge and skill to serve my clients' best interests, but I also find personal satisfaction in helping them solve the problems they face. Helping people start fresh is what I enjoy most about practice.

I know if you are considering bankruptcy then you are facing great financial and personal challenges. You need more than a one-size-fits-all solution.

I will spend the time to understand the obstacles you face and then we will explore real solutions together. I know you are facing tremendous stress, but you do not have to face it alone.

About You

If you are reading this webpage, then you are probably facing the anxiety that comes with overwhelming debt. You may be losing sleep, wondering how to pay the mortgage, keep your business alive, or pay for basic necessities.

You have probably been looking at your options only to find dead ends. However, if you are like many of my clients, the initial thought of bankruptcy protection makes you uneasy. The stigma of bankruptcy simply does not measure up to your personal values.

You are hardworking, contribute to society, and would have never accepted financial obligations you did not fully believe you could fulfill. You do not want anyone to know you are even considering bankruptcy.

As an attorney I am continually surprised at how often the stigma of bankruptcy pales in comparison to the qualities of those who need it. The vast majority of my clients are hardworking, industrious people with ambitious dreams.

My clients have families, jobs and responsibilities. Just like you they have people who depend on them. And like you, they worked too hard and too long to spend the rest of the foreseeable future being harassed by creditors, watching their credit crumble, and prospects fade.

The truth is that no matter how good our intentions, any of us can face crippling financial challenges. Illness, divorce, loss of income, and a host of other financial circumstances can send anyone's finances spiraling out of control.

There is hope. I will help you exercise your rights and protect your family's future. When you are ready to put your sleepless nights to rest, end your financial problems, and start fresh, call me at (785) 274-9040 for a free consultation.

Knowledge Center

What is Bankruptcy
Chapter 7
Chapter 13
Who is the Bankruptcy Trustee
Will I Lose Everything

What is Bankruptcy Family

What is Bankruptcy?

In general, bankruptcy refers to a set of federal laws that provide a means for individual people, businesses, and farmers to obtain debt relief when facing financial hardship. It provides relief by discharging debt or setting up a repayment plan to make the debt more manageable. It provides protection to businesses and business owners by reorganizing or discharging debt in a structured way.

The decision to file bankruptcy is a choice that should be made after

carefully considering the pros and cons to the decision. Take the first step in evaluating your financial options by contacting us for a free consultation.

bankruptcy attorneys in topeka kansas

Chapter 7

What is Chapter 7 Bankruptcy?

Chapter 7 refers to Chapter 7 of Title 11 of the United States Code which is a set of federal laws allowing a means of discharging most consumer debts through bankruptcy. Under the Chapter 7 statutes a court appointed trustee collects and liquidates (i.e. sells) a debtor's nonexempt property to satisfy creditors. For more information on what property is exempt please click on the "Will I Lose Everything" tab on the left.

Chapter 13

Chapter 13

Under Development

Who is the Bankruptcy Trustee

Who is the Trustee?

For every consumer bankruptcy filed there is a trustee assigned to the case. The trustee's job is to administer the debtor's bankruptcy estate. The precise role of the trustee depends on the type of bankruptcy filed.

In a Chapter 7 case, the trustee liquidates the debtor's non-exempt property .

Once the non-exempt property is liquidated the liquidated value of the

property is distributed to the debtor's creditors based on a statutorily

determined priority.

The trustee also considers whether or not a debtor's activities prior to the

debtor filing his/her case constitued fraud or if particular transfers were made

for the purpose of avoiding losing property in the bankruptcy. The trustee

may also file a motion with the court to dismiss a case if they feel that

allowing the case to continue would be an abuse of the bankruptcy system.

The trustee can also object to the debtor's discharge of his or her debts if the

trustee feels he/she has found evidence of fraud, perjury, or ineligibility.

In a Chapter 13 case, debt is restructured rather than immediately discharged. The restructuring of the debt is accomplished by the debtor presenting a plan to the trustee detailing how the debt will be restructured so it is easier to pay off. One of the primary roles for the trustee in a Chapter 13 case is to review the debtor's repayment plan. Once the plan is approved the trustee collects and distributes payments made by the debtor.

SIDE NOTE: The bankruptcy estate consists of the interest (i.e. ownership) that the debtor holds in his/her property when the bankruptcy is filed. Not all the property that may be owned by a debtor is part of the "debtor's bankruptcy estate."

Will I Lose Everything

You may lose non-exempt property. So the obvious question is what is exempt? This is a compex question and should be addressed with an attorney. That said, below are some Chapter 7 exemptions that will help protect your property when you file bankruptcy. This list should not be considered complete, it does not constitute legal advice, and is for informational purposes only. While these exemptions can protect your assets, the statute authorizing each exemption MUST be cited on your bankruptcy petition.

Homestead: A home is protected up to one acre in city limits or 160 acres outside city limits. For many exempt assets there is a monetary limit to what you can protect. However, currently there is no monetary cap on cap on the homestead exemption.

Household Goods and Clothing: Your household goods and your clothing are exempt without a monetary cap.

Jewelry: You can protect your jewelry, but there is a $1000 cap per debtor on this exemption.

Vehicle: You can protect the equity in one vehicle per debtor up to $20,000.

Cemetery Lot: You can a cemetery lot this property through an exemption and there is no monetary limit.

Cemetery Merchandise Trust: Exempt and there is no monetary cap.

Prepaid Funeral Agreement: If you have arranged a prepaid funeral agreement then it will be exempt without a monetary cap.

Work and Retirement Related Exemptions: public employee retirement, unemployment benefits, and many private retirement and pension plans are exempt without any monetary cap. Your wages may or may not be exempt, for this particular issue consult a bankruptcy attorney.

Tools of the Trade: The tools used in your profession are exempt up to $7500 per debtor.

Public Assistance Benefits: Such benefits are exempt with no monetary cap.

Life Insurance: You can exempt life insurance and there is no monetary limit. However, you must have purchased the life insurance policy over one year prior to filing bankruptcy.

Liquor License: If you have a liquor license it is also exempt.

Crime Victim Award: If you are the beneficiary of such an award then the award is considered an exempt asset with no monetary cap.

How to Prepare

Contact Us

Law Office of Adam Mack

3735 SW Wanamaker Road, Suite A

Topeka, Kansas 66610-1396

T: (785) 274-9040

F: (888) 506-7021

exec.secretary_kansasjustice.com

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