Filing For Chapter 13 In Kansas

If you are planning for filing for bankruptcy in Kansas, then it is quite similar to that of filing in any other state except few variations. Just like other states, you can file your bankruptcy under either Chapter 7 or Chapter 13. If you have decided to file your bankruptcy under Chapter 13 then you get a chance to retain all of your assets by agreeing to a debts repayment plan.

What is Chapter 13?

You can file bankruptcy under Chapter 13 of the US Bankruptcy Code when you have a regular income. You should also be capable of disposing a part of your regular income to clear your debts. Here you have to undergo a means test to determine the amount of debts you can pay back in a given number of years. This code lets you pay your debts through the Chapter 13 trustee on a monthly basis for an agreed period of 3 to 5 years. After the period ends, all unpaid debts are discharged just like that of the Chapter 7 bankruptcy.

Filing For Chapter 13 Bankruptcy

Eligibility - You may file this only when you have a disposable income and should have a maximum of $1,081,400 in secured debts and not more than $360,475 in unsecured debts.

Petition Filing - File a petition in the Bankruptcy court with a list of creditors, current income, expenses, assets and liabilities. You must also submit a Statement of Financial Affairs which gives data like

Income from business, employment or other sources
Other income
All assets which include garnished or seized ones
Payments made to the inside creditors and other creditors within 90 days of filing for bankruptcy
Financial accounts closed within 1 year
Losses faced from gambling, fire accidents, theft and others in the last 1 year
Property transfers within 2 years or transfers to a trust within 10 years before filing and many more.

Proposed Payment Plan - You have to prepare a plan of payment which should first clear priority claims in full. An appointed trustee will review and accept your proposed plan which you have to agree to follow strictly. Provide accurate details in order to obtain your bankruptcy relief.

Getting Legal Advice

This information intends to provide just an overview of the filing process; you have to consult a bankruptcy law Kansas attorney to get more information about the bankruptcy laws. You can consult with such lawyers to find the suitability of the laws in your personal case.

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