A Chapter 7 Bankruptcy Attorney Can Help

Your Kansas City or Lee's Summit bankruptcy attorney can help you file for relief under Chapter 7 of the Bankruptcy Act. A Chapter 7 bankruptcy is known as a liquidating bankruptcy. To qualify for Chapter 7, you must show both that you do not have enough income to make meaningful monthly payments toward your debts and that you do not have any assets that you can protect with [link: bankruptcy exemptions] that you are not willing to liquidate to partially satisfy your debts. A Chapter 7 is what most people think of when they think of bankruptcy and most debtors prefer to file Chapter 7 if they qualify. You will receive a discharge in months in a Chapter 7 while a Chapter 13 involves years of payments before you will qualify for a discharge.

What Bankruptcy Pleadings Will My Lee's Summit Bankruptcy Attorney Help Me File?

A Lee's Summit bankruptcy attorney can help you file for Chapter 7 bankruptcy.  There are a number of requirements in the initial petition.

• Petition for bankruptcy;
• an accounting of your assets and liabilities;
• a schedule of current income and expenditures;
• a certification of your earnings in the prior 180 days for the purpose of the means test;
• a statement of financial affairs including business interests and payments or transfers of assets to family members or other related parties;
• a listing of any contracts or leases which are pending;
• a schedule of executory contracts and unexpired leases;
• a list of all creditors and the amount and nature of their claims;
• the source, amount, and frequency of the debtor's income;
• a list of all of the debtor's property; and
• a detailed list of the debtor's monthly living expenses;
• a listing of the property you are claiming as exempt;

Fed. R. Bankr. P. 1007(b).

What Will I Need to Provide to the Court When I File For Bankruptcy

When you file for bankruptcy to discharge your debts, the Court requires you to provide information to the Court and the United States Trustee's Office. Debtors must provide:

• Tax returns
• Certificate of credit counseling
• Last 60 days pay stubs or evidence of unemployment
• All bank statements reflecting the balances on the date of filing
• The filing fee

What Happens After I File For Chapter 7 Bankruptcy

When you file for bankruptcy, your creditors cannot call you any more or harass you for payment.  They can only speak through the Court with regard to their claims.  This is known as the Automatic Stay in Bankruptcy.  If a creditor is unaware that you have filed, all you need to do is give them your case number and they can never call you again!  11 U.S.C. § 362.

Your Kansas City bankruptcy attorney will go with you to the Meeting of Creditors between 21 and 40 days after the petition is filed. In the Western District of Missouri, this meeting has traditionally been held at the federal courthouse in a big room with other people who have filed. You are meeting with an attorney assigned to represent your creditors and Mr. Carey will attend with you. Since the advent of COVID, the bankruptcy courts have transitioned to a phone conference for these meetings. Mr. Carey believes that due to the ongoing pandemic and the elimination of security concerns raised by in-person meetings that phone conference meetings will be the norm for the forseeable future.

What Will My Lee's Summit Bankruptcy Lawyer Ask Me To Do After The 341 Meeting?

You will need to take a financial management class that Jeffrey Carey affectionately refers to at the "How Not To Do This Again Class."  You will also need to provide the trustee with any additional documentation they request at the Meeting of Creditors and may need to amend your pleadings with new information.  When that is done, you will have your fresh start that can start today by calling 816.246.9446.