Find a Bankruptcy Lawyer in Overland Park, Kansas
In Overland Park, Kansas, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally excused, when they are unable to pay them. This hopefully allows them to start over with a clean slate and move on, after having learned to better manage their use of credit in the process. Remember, though, that bankruptcy should not be viewed as a convenient way to get out of debt that you don't feel like paying back. It is meant to serve as an option of last resort for people and businesses faced with debt that they will probably never be able to pay back. The decision to file for bankruptcy can result in negative consequences, such as damaged credit ratings, which must be seriously weighed against the potential benefits.
Therefore, it is prudent to consult with an experienced Overland Park, Kansas bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of a Overland Park bankruptcy attorney cannot be substituted.
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Types of Bankruptcy in Overland Park, Kansas
In Overland Park, Kansas, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a creation of federal law, the procedures governing bankruptcy in Overland Park, Kansas will be similar anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the eligible property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will usually be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.
Under Chapter 13 bankruptcy in Overland Park, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a longer period of time, thereby theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.
One advantage of Chapter 11 bankrutpcy is that it allows a business going through it to continue operations, and to trade its stock.
How Can a Overland Park Bankruptcy Lawyer Help?
The decision to file for bankruptcy in Overland Park is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an experienced Overland Park bankruptcy attorney.
There are 249 Bankruptcy, Banking and Credit cases posted in Overland Park
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest KS Cities
Life in Overland Park
Overland is Kansas's second most populated city, and its largest suburb. Naturally, it would offer many attractions for its residents and tourists. Some of the most popular attractions include the Overland Park Arboretum and Botanical Gardens, the Convention Center, and Indian Creek Greenway. To experience some exciting night light and great restaurants, residents and tourists visit Touche, and the Farmers Market.An interesting fact about Overland is that was ranked in the top of CNN/Money and Money Magazine's 100 Best Cities to Live in the United States. One of the reasons is the city's great community feel and unified spirit. Another reason for this is that Overland is very diverse, including Afrian Americans, Caucasians, Native Americans, Asians, and Pacific Islanders in its population. Many of the people are married couples and have a nuclear family.
Overland is also home to many large companies, such as YRC Worldwide, Waddell and Reed, Black and Veatch, Ferrellgas, and Examinetics. There are also many small law firms in Overland, where competent attorneys provide legal services in practically all areas of practice. The best part is these attorneys provide their clients with personalized legal services, yielding excellent results.
