Find a Bankruptcy Lawyer in Wichita, Kansas

Find the right Bankruptcy attorney in Wichita, KS

In Wichita, 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 begin 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 advisable to consult with an experienced Wichita, 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 Wichita bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Wichita, Kansas

In Wichita, Kansas, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Wichita, Kansas will be roughly the same as everywhere else in America. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the funds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

The other frequent bankruptcy scheme used by consumers in Wichita is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the agreements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is authorized, creditors are not allowed to attempt to collect payment under the original agreements. Though available to individuals, Chapter 11 bankruptcy is mostly used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is proposed, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

One major advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Furthermore, their stock can still be bought and sold.

How Can a Wichita Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Wichita is not one to be made easily, and it definitely should not be made without first obtaining the advice of an experienced Wichita bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Wichita

Wichita is the county seat of Sedgwick County in Kansas. With a population of over 372,000, it is the most populated city in all of Kansas, and ranks as the 51st largest U.S. city. In 2008, Wichita was named the #1 most affordable city to live in by MSN Real Estate. Newsmax Magazine has also named it the most "Uniquely American City". Due to its history in aviation and airplane science, Wichita is known as "The Air Capital of the World".

The city of Wichita has undergone considerable development over several decades. Old Town Wichita was renovated in the 1990's to include a hybrid-zone neighborhood complete with restaurants, hotels, residential homes, and nightclubs. Wichita also has several major shopping malls, a few of which host over 100 tenants.

Wichita is also a hub for academic and learning opportunities. Wichita State University, Newman University, and other technical and community colleges have established a presence in the city. Notable residents of Wichita have included actress Kirstie Alley, and Ann Durham, the mother of President Barack Obama.

Lawyers in Wichita, Kansas assist their clients by filing claims through the Municipal Court of the City in Wichita. Wichita's municipal court is the largest, most established municipal court in the state of Kansas. Also, many Wichita lawyers handle more complex legal claims in the 18th District Court for the County of Sedgwick.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY