What Are the Kansas Bankruptcy Exemptions?
Bankruptcy Attorneys Can Determine Which State Exemptions Apply to You
Chapter 7 bankruptcy in the state of Kansas involves liquidating your bank account as well as some other non-exempt assets to pay a portion of your debts before you receive a discharge. However, certain assets and property are protected by Kansas bankruptcy exemptions. These exemptions apply to Chapter 13 bankruptcy filings, too. Another useful feature of a Chapter 13 bankruptcy is that you may get the option to keep your non-exempt assets by including the value of in your repayment plan. It’s important to secure the help of a qualified Kansas bankruptcy attorney so you can retain as many of your assets as possible once the filing is official.
The skilled team of bankruptcy attorneys at Sader Law Firm know how to help each client and their families get back on the track that best benefits them. After all, helping families get their lives back is the most important thing to us — it is on the forefront of all our minds whenever we take on a case. With dedicated and empathetic passion, we can defend your rights, assets and property to ensure that your filing for bankruptcy leaves you with something to come home to.
What Are Kansas Bankruptcy Exemptions?
There are several instances in which your property and assets can be exempt from liquidation when filing for Chapter 7 bankruptcy. Here are some of the most common assets filers can hold on to during bankruptcy. This is not a comprehensive list; your bankruptcy attorney will be able to see which exemptions apply to your personal situation.
- Place of residence.
The “homestead exemption” protects the equity you have in your home. Usually, you can keep the entire property. This applies to homes or mobile residences. This exemption also may pertain to any real estate property if it qualifies as one that you and your family live in or plan to live in.
- Earned income tax credits (EITC).
Often referred to as “public benefits”, this type of credit was established to help families counterbalance stresses felt from Social Security taxes while encouraging them to work
- Insurance benefits.
Proceeds that an individual earns due to an existing life insurance policy are usually exempt in bankruptcy cases. However, you must file for bankruptcy one or more years after the policy goes into effect in order for it to be considered exempt.
- Pension/Retirement funds.
Generally, any IRAs — including Roth IRAs — and other ERISA-recognized federal funds meant to supplement a person’s life are off the table. Still, some exceptions can apply — a qualified and experienced bankruptcy attorney can help you determine where you fall in this category.
- Cars or motorcycles.
If you use a car — or other motor vehicle — to get to work, then up to $20,000 of your equity in the vehicle will be exempt. If your car is modified to support a disability, then generally the entire value of the vehicle will be considered exempt.
Questions About Kansas Bankruptcy Exemptions? Call Our Attorneys Today
Our law firm has been serving our fellow Kansas residents with dedication for decades. If you or a loved one is thinking about filing Chapter 7 or Chapter 13 bankruptcy in the state of Kansas, one of our attorneys will be happy to help. We’ll be able to answer initial questions about how hiring legal assistance for bankruptcy works or familiarize you with the legal process during a complimentary initial consultation.
Contact us today to discuss all the details pertaining to your particular case.