Can I keep certain types of property when filing for bankruptcy?

Yes, you can keep certain types of property when filing for bankruptcy in Kansas. The two main forms of bankruptcy available to individuals and families in Kansas are Chapter 7 and Chapter 13 bankruptcy. In Chapter 7 bankruptcy, certain types of property, known as exempt property, can remain in your possession when filing for bankruptcy. Exempt property can include equity in a primary residence up to a certain amount, a car, jewelry, furniture, clothing, tools of the trade, and more. In some cases, you may be able to keep more property than is listed as exempt under the law. In Chapter 13 bankruptcy, you typically keep all of your property, but you are required to make payments according to a court-approved repayment plan. Under this plan, you may be able to keep more property than is exempt under the law. In addition, you may also be able to keep certain secured debts such as mortgages and car loans. When filing for bankruptcy in Kansas, it is important to understand the different types of bankruptcy and the property you may be able to keep. A qualified bankruptcy lawyer can help you determine which type of bankruptcy is right for you and which property you can keep.

Related FAQs

What is a reaffirmation agreement?
What are some of the potential pitfalls to filing for bankruptcy?
Is there anything I can do to rebuild my credit after bankruptcy?
Can I file for bankruptcy to stop creditor harassment?
How do I know if I qualify for a repayment plan?
What are the consequences of filing for bankruptcy?
How do I change my name after filing for bankruptcy?
Can I get a loan after filing for bankruptcy?
What documents will I need to file for bankruptcy?
Are there any types of debt that will survive a bankruptcy discharge?

Can I keep certain types of property when filing for bankruptcy?

Related FAQs

Related Blog Posts