Henderson Law Office, Atchison, Kansas Patrick E. Henderson
Attorney at Law
Atchison & Leavenworth, 
Kansas
patrick@pehlaw.com
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Copyright © 2008
Patrick E. Henderson
All Rights Reserved

 
Consumer Bankruptcy.

Bankruptcy is a federal law that allows debtors to shed the burden of unmanageable debt and obtain a fresh start. If you are overburdened with high debt and feel hopeless; if you are fed up with threats and harassment from your creditors, you may benefit from the protection Bankruptcy offers.  The decision to file a bankruptcy should not be taken lightly, but used properly Bankruptcy can be the start of a new financial life.

I am a "debt relief agency" under federal law.  I help people file for relief under the United States Bankruptcy Code.  

Most individual bankruptcies are filed under Chapter 7 or Chapter 13 of the Bankruptcy Code.  In a Chapter 7 bankruptcy, which is sometimes known as a straight bankruptcy or a liquidation bankruptcy, a Trustee is appointed to investigate, assemble and eventually sell your nonexempt assets, distributing the proceeds to your creditors.  Most consumer debt can be discharged through this process.  In a Chapter 7 Bankruptcy the Trustee is only entitled to take your "nonexempt" assets.  Whether your property is exempt or nonexempt is primarily determined under state law, and not under federal law.  While you will need to discuss your specific situation with a qualified bankruptcy attorney, it is common for individuals in a Chapter 7 bankruptcy to have only exempt assets.  

In a Chapter 13 Bankruptcy, which is sometimes known as a reorganization bankruptcy or a wage-earner bankruptcy, the Trustee does not usually get involved with your assets, but instead focuses on your future disposable earnings.  Through a Chapter 13 repayment plan, you may be able to repay all or a portion of your debts, but under generally more favorable terms.  Most of the debts that are not paid through the plan will be discharged.

Not all debts are dischargeable in bankruptcy.   Determining which type of bankruptcy is right for you can only be made after consultation with a qualified bankruptcy attorney.