Consumer Bankruptcy Lawyers in Olathe, Kansas

Find the right Consumer Bankruptcy attorney in Olathe, KS

Bankruptcy is a legal procedure allowing a person or business to have their debts discharged, in part or in whole. It is usually treated as a last resort, because, while it can prevent financial catastrophe, it has some major long-term consequences. This warrants careful consideration of the costs and benefits. Bankruptcy is a formation of federal law, and goes through federal courts. Therefore, the process governing bankruptcy in Kansas will be roughly the same as it is everywhere else in the U.S. But individual courts have different rules for what property is exempt, so you should consult a local Olathe, Kansas before you file.

Chapter 7 Bankruptcy in Olathe, Kansas

There are 2 main forms of consumer bankruptcies in Olathe, Kansas: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy involves a liquidation of some of the debtor's assets, which pays off part of his or her debt. Once this is done, the remaining debt is discharged. Fortunately for debtors, many forms of property are exempt from liquidation, including homes, vehicles, essential personal items, and retirement accounts.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is discharged. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Olathe, Kansas debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Olathe, Kansas

In Olathe, Kansas, Chapter 13 is quite different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your particular situation. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the agreements that gave rise to the debt in the first place. This results in a new payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

Which Type of Consumer Bankruptcy Should I File in Olathe, Kansas

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your individual situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

Of course, you should always seek the counsel of an accomplished local Olathe, Kansas bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your particular situation.

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Life in Olathe

Olathe, Kansas is a city in Johnson County, Kansas. It is also the county seat of that county. it has a population of about 125,000 people.

In 2008, CNN andMoneyMagazine named Olathe, Kansas one of the 100 best U.S. cities to live in, ranking it at number 11. Olathe, Kansas was so ranked because of its ample job opportunities, low unemployment, good public schools, and relatively low cost of living. Many professionals, such as lawyers, have relocated to Olathe, Kansas in recent years, making it one of the fastest-growing communities in the United States.

One of the largest employers in Olathe, Kansas is an air traffic control facility run by the Department of Transportation. It is one of 20 such facilities in America, and it monitors and directs most air traffic in the region.

If you live in Olathe, Kansas, and are in need of legal services, you will almost certainly be able to find an Olathe, Kansas attorney who can help.

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