Kansas Bankruptcy Lawyers
Bankruptcy in Kansas is a legal procedure through which some of the debts of an individual or a business are discharged (excused). You should not view bankruptcy as an opportunity to eliminate your debts just because you don't feel like paying them - it can be a long and difficult process. Bankruptcy is designed to be a last resort to prevent complete financial ruin, while allowing creditors to collect at least some of their debts in an orderly fashion. Filing for bankruptcy can have major negative effects on one's credit score, which will make it more difficult to get loans in the future.
Accordingly, if you are considering bankruptcy as an option, you need to thoroughly examine the costs and benefits. A good Kansas bankruptcy attorney can advise you as to the pros and cons of bankruptcy, and give his or her expert opinion about whether or not bankruptcy is a good option, based on the facts of your distinct case.
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Types of Bankruptcy in Kansas
Bankruptcy is governed by federal law, so the procedures in filing for bankruptcy in Kansas will be the same as anywhere else in the United States. There are 2 basic types of bankruptcy that consumers typically use: Chapter 7, and Chapter 13, owing their names to where they are found in the U.S. Bankruptcy Code. Additionally, there is a form of bankruptcy normally used by businesses called Chapter 11. Chapter 11 is available to individuals, but it is rarely the best option for them.
Chapter 7 bankruptcy in Kansas is sometimes called "liquidation" because it involves the forced sale of some (though certainly not all) of the debtor's assets. The bankruptcy court will appoint a trustee to oversee the appraisal and sale of some of the debtor's property, and the proceeds from the sale will go to the creditors, in their order of priority. Certain types of property are exempt, and do not need to be sold, including houses and insurance policies. Once the property is sold, and the proceeds given to the creditors, the rest of the debt is discharged. Under Chapter 13 bankruptcy, debt is normally not discharged; instead, it is reorganized. The court will craft a long-term payment plan that allows the debtor to pay off his or her debts in single payments, over time. This usually gives the debtor some breathing room that would not exist if all of his or her debts became due and payable at once.
Chapter 11 bankruptcy, like Chapter 13, involves reorganization of debt. However, it is almost exclusively used by businesses, and not individuals. After filing for Chapter 11, the debtor has to come up with a repayment plan. The plan must then be approved by a majority vote of participating creditors.
How Can a Kansas Bankruptcy Lawyer Help?
Filing for bankruptcy can be a life-changing decision. Depending on the circumstances, it can change your life for the better, or worse. A Kansas bankruptcy attorney can help you figure out if bankruptcy is a viable option for your specific situation.
Kansas is known for its mix of traditional Midwestern agriculture and modern metropolitan installments. It has served as home to influential figures such as President Dwight Eisenhower and activist Erin Brockovich. Kansas is nicknamed "The Wheat State" as well as "The Sunflower State", both testaments to the state's agricultural foundations.
Kansas' lawmaking legislature has been credited with a number of "first" in terms of legislative initiatives. It was the first to initiate a system for worker's compensation in 1910. In 1911 the state was also the first to regulate the securities industry. The next year, it provided for women's suffrage, nearly 10 years before the U.S. Constitution was amended to include such rights.
In addition, Kansas is noted for one of the most famous Supreme Court Cases ever adjudicated in U.S. history. This is the case of Brown v. Board of Education (1954). The Brown opinion declared educational segregation based on race to be unconstitutional. The ruling was highly influential in many other areas of law and legislation. There is even a Brown v. Board of Education National Historic Site located in Topeka.
Lawyers in Kansas continue the state's legacy of outstanding legal services. Kansas lawyers provide representation in court for those with legal disputes or claims. Legal questions and inquiries can be resolved by contacting an attorney in Kansas.