Chapter 13 Kansas City Bankruptcy
Learn how Chapter 13 Kansas City bankruptcy helps you with debt
Chapter 13 Kansas City bankruptcy is a very common form of bankruptcy. People who do not file a Chapter 7 bankruptcy most often file a Kansas Chapter 13 bankruptcy. People also call Kansas Chapter 13 bankruptcy a restructuring of debt. With Chapter 13 bankruptcy, the debtor must make payments under a bankruptcy plan for a specific period of time, which payments are divided among creditors according to law.
People who declare this type of bankruptcy often desire to pay a portion or all of certain debts, such as taxes or a car loan, but they need some help structuring a plan to do so. The court will give a debtor filing Chapter 13 a chance to repay such debts while reducing or eliminating the interest charged.
Kansas Chapter 13 Bankruptcy Basics
When a debtor decides to file Kansas Chapter 13 bankruptcy, he or she is required to submit a payment plan to the court. The payment plan will show how the debtor will be able to pay all basic needs and still have enough left over to make payments to creditors. The payments that the debtor makes to the creditors are not the normal payments but smaller more manageable payments.
Since paying creditors is part of Kansas Chapter 13 bankruptcy the debtor’s income must be sufficient enough to live according to the approved payment plan. The payment plan will last from 3-5 years. Upon completion of the payment plan, the court will give the debtor a discharge of any remaining dischargeable debt.
Kansas Chapter 13 Bankruptcy Attorney
Our attorneys can help you decide whether Kansas Chapter 13 bankruptcy is right for you and your situation. Fill out our free Kansas Chapter 13 bankruptcy evaluation today and let us help you get back on top of your finances.