Protecting Your Property in Bankruptcy
If you are considering bankruptcy, it IS possible to protect your property from creditors and the liquidation process. Our attorneys have extensive experience with many different types of cases, and we can help guide you towards the best option for you and your family.
Depending on how your case is filed, the following assets can be saved from bankruptcy:
Protecting Your House During Bankruptcy
If you want to save your home during the bankruptcy process, a Chapter 13 may be for you. An automatic stay will forbid your lender from foreclosing on your house while you create a debt repayment plan that includes the payment of your mortgage. If you are behind on mortgage payments, you can also include those late payments in your repayment plan. You will also be able to keep your house if you file a Chapter 7, and if the equity in your home is less than or equal to your state’s homestead exemption.
Protecting Your Automobiles During Bankruptcy
Depending on how much equity you have in a car or truck, you can keep your automobile in Kansas with the motor vehicle exemption of up to $20,000 for Chapter 7. If your vehicle has equipment to assist with a disability, the exemption in unlimited, and Kansas allows married couples to double the exemption to $40,000.
In Missouri, you can protect up to $3,000 of equity in your vehicle. Missouri allows married couples to double that exemption to $6,000, and you can also apply the “wildcard” exemption of up to $600. Missouri doesn’t limit the number of vehicles that can be kept during bankruptcy. You can split the exemption between different vehicles, if needed. Most cars, trucks and motorcycles are considered vehicles, but watercraft such as boats and wave runners are not.
Protecting Your Retirement Accounts During Bankruptcy
Most retirement and pension accounts are protected from bankruptcy. Click here to see a full run-down of what can be protected.
Bankruptcy can be a confusing and stressful time for you, and our experienced attorneys can help. Call us today at 816-842-6200 to speak with an attorney. Or you can email us and schedule your free consultation.