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

Does bankruptcy eliminate liens?
What is considered a non-dischargeable debt?
What documents will I need to file for bankruptcy?
Are there any special provisions for filing for bankruptcy as a single parent?
What are the differences between filing for Chapter 7 and Chapter 13 bankruptcy?
What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?
What is the difference between a bankruptcy trustee and a bankruptcy lawyer?
Are there additional filing fees associated with filing for bankruptcy?
Can I keep my home when filing for bankruptcy?
Is it possible to have a bankruptcy case dismissed?

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

Related FAQs

Related Blog Posts