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Am I Allowed to File Bankruptcy More Than Once?

Bankruptcy is a financial tool that enables consumers and businesses to obtain a fresh start financially. As with any other tool, it can be used more than once. Even if a consumer has received a Chapter 7 or Chapter 13 discharge in the past, he or she may still be able to seek relief under the Bankruptcy Code. However, there are certain restrictions when it comes to receiving a subsequent bankruptcy discharge. A knowledgeable Kansas City bankruptcy attorney can evaluate your present financial situation and prior bankruptcy history to determine your current bankruptcy options. Prior Chapter 7 Discharge Falling on hard times can happen more than once over the course of a lifetime. Sometimes people need to file bankruptcy even after they have wiped out their liability for certain debts with a Chapter 7 discharge. Assuming all other filing requirements are met, people who have received a discharge under Chapter…
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Car Leases in Chapter 7 Bankruptcy

Car leases in Chapter 7 bankruptcy can either be assumed or rejected. If you assume the car lease, you remain legally liable for the original lease contract. When you reject your lease, you surrender the vehicle and have no further liability for lease payments or fees. If you are considering bankruptcy and are currently leasing a vehicle, an experienced Kansas City bankruptcy attorney can explain all of your bankruptcy options, including what will happen to your car lease in Chapter 7 or Chapter 13 bankruptcy. Assuming a Car Lease Depending on the lease terms and your overall financial situation, assuming a car lease in Chapter 7 bankruptcy may benefit you in the long run. Below are some reasons to consider assuming a car lease: Lease payments are low — if you reject the lease, you will have to give back the vehicle, and getting another vehicle right after bankruptcy might…
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Will My Bankruptcy Affect My Child’s Student Loans?

Kansas City Bankruptcy Attorneys Analyze Alarming Reports Student loans are some of the most common forms of debt facing Americans, and not just by students. Many parents have taken out loans to pay for their children’s college educations, and as some recent reports show, this is causing many parents and grandparents to fall into serious financial trouble. Our Kansas City bankruptcy attorneys explain how a bankruptcy might affect your or your child’s ability to apply for and continue receiving student loans. How are Parents Affected by Student Loan Debt? If you are concerned about the effect your child’s student loans might have on your own financial status, you are not alone. According to the Federal Reserve Bank of New York, two million Americans over the age of 50 have outstanding student loan debt. Debt among older Americans has reached $50 billion nationwide, much higher than past years. Overall, the country…
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State Bankruptcy Exemptions Available in Missouri

Exemptions are an important of the bankruptcy filing process. When you file for bankruptcy, the appointed bankruptcy trustee may seek to sell non-exempt assets to pay off your creditors. Exemptions provide protection for some of your property and must be properly listed in your bankruptcy filing.  Property that is exempt is safe from the Trustee selling it to pay your creditors. Exemptions provide a way for people who file bankruptcy to keep their possessions while they work to fix their financial situation. If you are considering filing for bankruptcy, a Kansas City bankruptcy attorney can educate you as to your options for keeping your property during bankruptcy. Missouri Bankruptcy Exemptions Below are some of the important Missouri state exemptions available to people who file for bankruptcy: Homestead – This covers up to $15,000 of real property (real estate used as a home by the debtors) or up to $5,000 for…
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