Tag Archives: kansas city bankruptcy lawyer

A Kansas City Bankruptcy Lawyer Provides Advice The first question many people ask when they are considering consumer bankruptcy is the likelihood of being able to keep their vehicle. The state of Missouri allows a person to exempt up to $3,000 of vehicle equity when they file for a Chapter 7 or Chapter 13 case. However, this may not be enough to cover all vehicles. Thankfully, in a Chapter 13 case, there exists what is called a cram down car loan. An interesting note about the term “cram down” is that it got its name because the bankruptcy court can metaphorically “cram” a new loan “down” the throats of objecting creditors! Your Car Loan Options When You File Chapter 13 Bankruptcy It is well-known that vehicles lose value quickly, particularly if they were purchased new. A vehicle that cost $40,000 on the lot can easily be worth only $20,000 within…
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Missouri Bankruptcy Exemptions Let’s say you are thinking about filing for a Missouri bankruptcy, and you are wondering about the fate of your home, vehicle and other property. It is natural to worry when you are in the position to consider a Chapter 7 or Chapter 13 bankruptcy on top of the anxiety you may already be feeling from financial troubles. You don’t want to lose your home. You don’t want to lose your vehicle. There is hope – keep reading. Standard Bankruptcy Exemptions in Missouri The state of Missouri offers certain exemptions so that you can keep your property after filing for bankruptcy. When property is “exempt,” this means that the bankruptcy trustee cannot take or sell the property to pay creditors. The biggest exemption is for home equity, but most people are able to keep much more property, as well. For married couples filing jointly, some exemption amounts…
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Chapter 11 bankruptcy allows businesses and individuals to reorganize their debts similar to how consumers can reorganize their debts through Chapter 13 bankruptcy. Businesses of all sizes can seek relief under Chapter 11, and in most cases, can continue operations as a debtor in possession while the bankruptcy case is pending. While  a Chapter 7 business filing typically involves closing and liquidating the business, Chapter 11 allows those filing to either liquidate in a similar fashion to the Chapter 7 process, or provides a troubled businesses an opportunity to reorganize  its finances and move forward without burdensome debt payments. Additionally, for individuals and married couples who cannot or should not file Chapter 7 or Chapter 13, Chapter 11 may prove the best option for obtaining debt relief. If you are considering bankruptcy for yourself or for your business, an experienced Kansas City bankruptcy attorney can explain all of your bankruptcy…
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