Bankruptcy Lawyer In Kansas City, Missouri
Filing for personal bankruptcy can immediately ease many stressing financial burdens and help you rebuild your credit and get on with your life. If you are attempting to stop the repossession of your car, prevent the bank from foreclosing on your home, or attempting to stop creditors from harassing you, filing for bankruptcy may be a viable option. However, the personal bankruptcy process is complex and comes with its own set of stressors and obstacles. A dedicated bankruptcy attorney can help you with every step of the process, from evaluating your case and financial situation, to gathering the necessary documents, to representing you in court.
Although the United States Bankruptcy Code includes many bankruptcy chapters, two chapters, Chapter 7 and Chapter 13 are intended to resolve personal consumer debt. Each has different benefits, and it is important to know and understand which of these options will work best in your particular situation. By talking with a personal bankruptcy attorney at The Janssen Law Office LLC, you can rest easy knowing that you are getting sound information and advice about how you should proceed with filing for bankruptcy.
Chapter 7 Bankruptcy
- Chapter 7 bankruptcy filers are subject to a means test to ensure that their income meets certain requirements. In most cases filers’ income must be below the median income in Missouri. Additionally, filers must prove that they have little disposable income (money left over at the end of the month).
- This type of personal bankruptcy allows people to keep their existing property, such as cars and houses and pays of debt through the sale of luxury items.
- Chapter 7 takes less time to complete (about three to six months) than Chapter 13 allowing for faster credit recovery.
- Under Chapter 7 most disposable debts are forgiven.
- Creditors are barred from attempting to collect debts from the filer during the bankruptcy process.
Chapter 13 Bankruptcy
- Chapter 13 bankruptcy filers sets up a payment plan to get caught up with their debts over a three to five-year period. After this period, many remaining debts are forgiven.
- Chapter 13 bankruptcy allows filers to keep more of their assets.
- Chapter 13 bankruptcy filers’ debts must not surpass specified debt limits.
- This type of bankruptcy requires significant monthly income and projected future income in order to file under Chapter 13 bankruptcy.
Documents You’ll Need
In order to complete your bankruptcy, you’ll need the following documents. In order to obtain a thorough evaluation of your financial situation and expedite your case, it’s best to have as many of them as possible available during your initial consultation with your lawyer.
- Six months of pay stubs.
- Your W-2s for the past two years.
- Your tax returns for the past two years.
- Proof of ownership of any real property you own, including proof of the equity you own in the property.
- Vehicle titles or other proof of ownership in any vehicles you own.
- Documents regarding child support or alimony payments that you either make or receive.
Representation by a knowledgeable and seasoned personal bankruptcy lawyer will benefit you throughout the personal bankruptcy process. Call The Janssen Law Office LLC today to discuss your bankruptcy options with a skilled lawyer at 816-287-0172. Call today to speak with a bankruptcy lawyer about your personal bankruptcy options.