Bankruptcy  •  Real Estate  
Kansas City downtown

Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Real Estate
GET RID OF Credit Card Debt, Medical Bills, Utility Bills, Lawsuits, Old Repossessions
Stop Wage and Bank Garnishments – Stop Repossession – Stop Foreclosure – Stop Real Estate Liens

Bankruptcy Myths

Myth: Chapter 13 Bankruptcy Require Debtors to Pay Off Debt in Full
Fact: A debtor may be able to propose a Chapter 13 Plan that pays nothing to his or her unsecured creditors, or a Plan that pays off 100%. The amount that a debtor must pay off in his or her Plan is based upon his or her disposable income, the value of nonexempt assets, and the amount of priority debts. Please see Chapter 13 Bankruptcy for additional information.

Myth: Married Couples Must File Bankruptcy Together
Fact: Married couples are not required to file bankruptcy together. While consideration may need to be given to the non-filing spouse’s income, consideration may also be given to the monthly financial obligations of the non-filing spouse.

Myth: A Debtor’s Credit Will be Ruined for 10 Years After Filing Bankruptcy
Fact: A bankruptcy filing can stay on a credit report for up to 10 years. Notwithstanding, the credit score often will improve within a couple of years with timely paying of credit obligations, etc.

Myth: Bankruptcy is for Debtors Who Have Nothing to Lose
Fact: Bankruptcy is for debtors who have something to lose (i.e., residence, vehicle, wages, funds in a bank account, etc.).
Please contact The Vick Law Firm for information on how to protect your property.

Myth: An Employer Will Fire a Debtor Who Files Bankruptcy
Fact: The Bankruptcy Code prohibits employers from firing a debtor who files for bankruptcy relief.

Myth: Debtors Can Only File Bankruptcy Every 8 Years
Fact: A debtor must wait 8 years to file another Chapter 7 bankruptcy, but may still file a Chapter 13 bankruptcy even if it has not
been 8 years.

Myth: Debtors Cannot Discharge Taxes in Bankruptcy
Fact: Contrary to common misperception, income taxes can generally be discharged in bankruptcy if:
• The taxes are at least three years old
• The tax returns were filed at least two years ago
• Any assessment was more than 240 days ago, AND
• the debtor did not engage in any type of fraud or tax evasion

Myth: Creditors Can Still Contact Me After Filing for Bankruptcy
Fact: Creditors must stop all contact upon the filing of a bankruptcy case, which includes phone calls, collection letters, and lawsuits unless further ordered otherwise by the Court. The automatic stay protects debtors from harassment of collection activity during this time.
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106 West 11th Street, Suite 1103
Kansas City, Missouri 64105
Phone: (816) 421-1769
Fax: (816) 421-1769