If you know someone who lives in the state of Kansas and they have been thinking about filing bankruptcy then chances are he or she is in a lot of debt and has been so for a very long time. In the state of Kansas when someone is filing bankruptcy, they will be making it possible for themselves to change their current situation for the better. For one thing, when someone files bankruptcy in the state of Kansas they will be eliminating that legal obligation that they once had to pay off all of their debts. This feature is known as "discharge of debts." What this feature does is give the person filing bankruptcy a fresh new start when it comes to their financial needs.
How bankruptcy can help you?
When it comes to filing bankruptcy in Kansas, you should know that this could be a big help to you; especially if you feel cornered and feel as if everything is closing in around you when you think about money. If your house is about to be foreclosed upon, then they will no longer be able to foreclose on your house if you go out and file for Chapter 13 bankruptcy. Filing for bankruptcy will allow you to catch up on the missed payments of your house and you will not have to pay all of those other bills that you have been stuck with paying.
2005 Bankruptcy Act
When filing for bankruptcy in Kansas, you should be well aware of how the 2005 Bankruptcy Act has changed the laws. When it comes to the 2005 bankruptcy act in the state of Kansas, the individual's income along with their expenses will be looked at and analyzed. This is done in order to tell if they are going to qualify to a Chapter 7 bankruptcy or if they are going to have to file a Chapter 13 bankruptcy. For the last six months, the court is going to be looking at their average income. They will be taking the individuals income that is filing for bankruptcy in the state of Kansas and comparing it to the median income for the state of Kansas.
What happens when my income is below or above the median?
If the individual who is filing for bankruptcy in Kansas has an income that is below the median, then they will have the choice to pick Chapter 7 as their way to file. If their income amount goes above the median then there is another part of the means test that will be looked into in order to decide which method they will have to use to file bankruptcy.
| If you are considering filing for bankruptcy and want to know more about your options, contact a bankruptcy attorney for a free consultation. |
