The 7 Main Steps of Filing Kansas City Bankruptcy
If you are considering filing Kansas City bankruptcy, we hope that you feel comfortable understanding the overall process and how it works. It is actually a rather straightforward, simple process.
- Have a consultation with an attorney: Your attorney is your #1 ally in this process. He or she will analyze your situation and give you legal and financial advice.
- Choose between Chapter 7 or 13: This choice will depend on which type you qualify for based on your income, assets, and debts. Chapter 7 eliminates all debt while Chapter 13 creates a debt payment plan.
- File Chapter 7 or Chapter 13: You fill out the appropriate paperwork and submit it to the court.
- An automatic stay protects you: An “automatic stay” is a legal court order that protects you from creditors once you file bankruptcy. They can no longer pursue you for debt collections.
- Attend the 341 Meeting and Confirmation Hearing: The 341 meeting is a non-court meeting with creditors and your trustee (the person in charge of overseeing your case). It is required for both Chapter 7 and Chapter 13 cases and allows creditors to review your financial claims and information to ensure accuracy. The confirmation hearing is a court-session for Chapter 13 cases where the court analyzes your proposed debt payment plan to ensure it is fair and viable.
- Take a credit counseling class: Each state has its own required class that teaches principles of debt, budgeting, and finance.
- Debt is discharged or paid off over time: In 3-5 months, your Chapter 7 case will eliminate all of your debt. With Chapter 13, you will continue to make manageable debt payments for 3-5 years.
We hope you are confident that the bankruptcy process will help you succeed. Our Kansas City bankruptcy attorney can answer any other questions that you may have.
To see how we can help you, visit our Kansas City bankruptcy home page.