Below are frequently asked questions from Johnson County clients considering filing a bankruptcy. At any time, feel free to contact a Johnson County bankruptcy attorney directly, to setup a free consultation.
The type depends on your circumstances and if you have assets available to repay all or part of the your debts. Bankruptcy laws can be tricky and involved, so determining if, when and which type of bankruptcy you need should be made with careful thought or the input of a bankruptcy lawyer.
A:You actually can file one immediately after the completion of a prior bankruptcy (and with some limitations after one has been dismissed), however there are restrictions on the type of discharge you can receive.
A: Compile a list of past and present debts as well as a schedule, or list, or assets and liabilities. You'll also need a statement of financial affairs to file with the bankruptcy court in addition to your filing fee. Your bankruptcy attorney will be able to walk you through what you will need.
A: No. The debts that can't be discharged vary slightly between the different chapters of bankruptcy. This is a good question to ask your bankruptcy attorney to see which if any of your debts fall into a non-dischargible category.
A: Exemptions vary from state to state, your bankruptcy attorney will be able to guide you on this issue. Some states such as Kansas have very good exemptions protecting household goods, your homestead, and a vehicle per debtor (up to $20,000.00).
After filing the petition, if you discover that an entry is inaccurate or missing, you may typically file an amendment to correct it. Remember, you're submitting the petition under the penalty of perjury, so take care with the initial filing. Also, any debt that isn't on the list can't be discharged and you'll be responsible for it.
As soon as you anticipate filing bankruptcy, stop using your credit cards. Bankruptcy law allows the review of questionable purchases for potential fraud.
Reaffirming a debt is voluntary and isn't required by bankruptcy codes. You may voluntarily repay any debt instead of signing a reaffirmation agreement, but there may be other reasons for wanting to reaffirm a specific debt, such as a vehicle loan or student loan. Debts not owed to a Credit Union must have their reaffirmation agreement approved by the court. What is the reason for this carveout you might ask? Better Lobbyists...
Yes. Typically, a bankruptcy case is reopened by the trustee when questions arise concerning what was included or possibly omitted, or any other irregularities that surface.
How an inheritance is treated in bankruptcy depends on when you become entitled to receive it and what type of bankruptcy relief you're seeking.
Chapter 7- if you become entitled to an inheritance within 180 days of your filing date, the inheritance will be a part of your bankruptcy estate, and can be used to pay your debts. The important date is when your right to the inheritance is fixed, which is typically on the date of a person's death. You might not receive property or money from someone's estate for many months.
Chapter 13-your inheritance can be used in determining how much you have available to pay creditors under your repayment plan, and the 180-day limit doesn't apply.
In either type of bankruptcy, you must inform the bankruptcy trustee about the inheritance. If you're thinking about filing for bankruptcy, ask a bankruptcy lawyer how an expected inheritance might factor into your plans.