Bankruptcy in Kansas

Bankruptcy Facts
There are several types of bankruptcy, but Chapter 7 and Chapter 13 are the most common for individual filers. 

​Chapter 7 Bankruptcy is a liquidation and discharges the vast majority of unsecured debts. By contrast, Chapter 13 Bankruptcy involves monthly payments calculated based on your income. 

​What Are the Requirements?

Before filing for bankruptcy in Kansas, you'll need to meet a few requirements:
  • Complete a credit counseling course with a qualified credit counselor. These courses are given online and we'll make the arrangements.
To qualify for Chapter 7, you'll also need to pass the "means test." The means test assesses your household and disposable incomes to determine if you have the financial means to pay back your debts without filing for bankruptcy. If your income is too high, you won't be able to file Chapter 7, but you can still qualify for Chapter 13.

Advantages of Chapter 7

The main advantage of Chapter 7  is that it is the quickest path to discharge unsecured debts. While not everyone qualifies, Chapter 7  moves more quickly than Chapter 13 and usually lasts less than three months.

Advantages of Chapter 13

In a nutshell, Chapter 13 discharges the same debts as Chapter 7 but also allows you to retain nonexempt property by making monthly payments on the corresponding debt. These monthly payments are pursuant to a plan that lasts 3-5 years, depending on the filer's income and circumstances.