Lee’s Summit bankruptcy lawyer, Jeffrey Carey with BKTP Law Firm, has helped residents throughout the Kansas City area file bankruptcy since 1999. With his 20 years of experience, he has noted certain trends that apply to Lee’s Summit bankruptcy filings in particular.
Bankruptcy Facts for Lee's Summit
With a median home value of about $325,000 protecting home equity in bankruptcy can often be a challenge. Source. Unlike states like Kansas, which has an unlimited bankruptcy exemption, Missouri has a meager $15,000 exemption. The presence of equity can lead your Lee’s Summit Bankruptcy Lawyer to counsel you to file for Chapter 13 bankruptcy rather than Chapter 7 bankruptcy. In a Chapter 7 bankruptcy, all of your assets are subject to liquidation to satisfy the claims of your creditors. In a Chapter 13, by contrast, you can propose a plan that will allow you to protect your non-exempt assets. A Lee’s Summit bankruptcy lawyer like Jeffrey Carey can help you develop strategies to protect more than the $15,000 exemption in home equity even in a Chapter 7, however.
In 2021, bankruptcy filings were down 24% from 2020. Source. This is attributed, in large part, to the economic stimulus provided by the federal government. As stimulus checks are long gone, many are predicting a significant rise in filings as the economy continues to falter.
Qualification for Chapter 7 is dictated on disposable income and whether or not the Means Test can be satisfied. If you make more than the median household income for your county of residence, you are required to prove to the Court that you qualify for Chapter 7 bankruptcy.
Why You Should Hire a Lee's Summit Bankrupcty Lawyer
Lee’s Summit residents are more likely than others in Jackson County to need to address the means test. The median income in Jackson County as a whole is $39,277 while the median income in Lee’s Summit is more than double that amount.
Jeffrey Carey has been practicing since 1997 and has been in private practice in Lee’s Summit since 1999. He uses his decades of experience to ensure that you have the best possible experience while you get your fresh start. Set an appointment in his Downtown Lee’s Summit offices.
Additional Bankruptcy Resources
The following are excellent resources for bankruptcy facts and information:
- Western District of Missouri Bankruptcy Court. Court contact information, local rules, links to electronic filing, and other court related information.
- Legal Information Institute. Bankruptcy code and information.
- Voluntary Attorney Project. Pro bono (free) bankruptcy representation for those that qualify. Assistance with eviction and other personal crises. Jeffrey Carey has volunteered on the panel over the years and continues to support the program.
Bankruptcy Attorney in Lee's Summit
Jeff Carey is ready to assist you through this tough time. We offer free constultations and payment plans.