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 * 785-727-2099
 * 9290 Bond St #207a Overland Park, KS 66214
 * 785-379-3600
 * 1275 SW Topeka Blvd, Ste 300 Topeka, KS 66612

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 * Home
 * Bankruptcy
   * What Is Bankruptcy?
   * Types of Debt
   * Bankruptcy Start to Finish
   * Chapter 7 Bankruptcy
   * Chapter 13 Bankruptcy
   * Chapter 7 vs 13 Bankruptcy
   * Stop Garnishments
   * Stop Repossessions
   * Stop Foreclosure
 * Rebuilding Credit
   * Guaranteed Ways To Rebuild Credit For Free After Bankruptcy
 * Knowledge Center
 * Attorney Profile
 * Locations
   * Topeka
   * Lawrence
   * Overland Park
 * Contact

Menu
 * Home
 * Bankruptcy
   * What Is Bankruptcy?
   * Types of Debt
   * Bankruptcy Start to Finish
   * Chapter 7 Bankruptcy
   * Chapter 13 Bankruptcy
   * Chapter 7 vs 13 Bankruptcy
   * Stop Garnishments
   * Stop Repossessions
   * Stop Foreclosure
 * Rebuilding Credit
   * Guaranteed Ways To Rebuild Credit For Free After Bankruptcy
 * Knowledge Center
 * Attorney Profile
 * Locations
   * Topeka
   * Lawrence
   * Overland Park
 * Contact

Call 785-727-7700
 * Home
 * Bankruptcy
   * What Is Bankruptcy?
   * Types of Debt
   * Bankruptcy Start to Finish
   * Chapter 7 Bankruptcy
   * Chapter 13 Bankruptcy
   * Chapter 7 vs 13 Bankruptcy
   * Stop Garnishments
   * Stop Repossessions
   * Stop Foreclosure
 * Rebuilding Credit
   * Guaranteed Ways To Rebuild Credit For Free After Bankruptcy
 * Knowledge Center
 * Attorney Profile
 * Locations
   * Topeka
   * Lawrence
   * Overland Park
 * Contact

Menu
 * Home
 * Bankruptcy
   * What Is Bankruptcy?
   * Types of Debt
   * Bankruptcy Start to Finish
   * Chapter 7 Bankruptcy
   * Chapter 13 Bankruptcy
   * Chapter 7 vs 13 Bankruptcy
   * Stop Garnishments
   * Stop Repossessions
   * Stop Foreclosure
 * Rebuilding Credit
   * Guaranteed Ways To Rebuild Credit For Free After Bankruptcy
 * Knowledge Center
 * Attorney Profile
 * Locations
   * Topeka
   * Lawrence
   * Overland Park
 * Contact


IS BANKRUPTCY RIGHT FOR YOU?

The bankruptcy process works. We’ll listen to your story and explain your
options.

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ONE STEP AHEAD


SEE IF BANKRUPTCY IS RIGHT FOR YOU

Bankruptcy stops creditors, garnishments, repossessions & phone calls fast.

Zero down, no cash upfront options available.

Call Now 1-785-727-7700 for a FREE CONSULTATION with a bankruptcy attorney
serving Lawrence, Topeka, Overland Park & Kansas City, Kansas.

LEGAL SOLUTIONS


FINANCIAL FREEDOM IS POSSIBLE

Nearly One Half of Our Clients are Referrals. That means the bankruptcy process
works. That someone has found relief from their debts. That someone like you
were once looking online for help. Trying to figure out where to go. Who to
choose. And they found us. And they were so satisfied they decided to recommend
us to a friend, a coworker, or maybe you. Call us now and experience the
difference.
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ARE CREDITORS CALLING YOU?


ARE YOU BEING SUED?


DO YOU FEEL OUT OF CONTROL?


ARE YOU BEING GARNISHED?


ARE YOU FACING REPOSSESSION?


DO YOU OWE THE IRS?


ARE YOU AFRAID TO OPEN YOUR MAIL?


ARE YOU FACING FORECLOSURE?

LEARN ALL ABOUT OUR TOPEKA BANKRUPTCY LAW FIRM


MEET THE OWNER

CHRIS STEFFENS

Chris Steffens is a bankruptcy lawyer in Lawrence, Topeka and surrounding areas
that is dedicated to helping people in need. Whether you are behind on bills,
facing foreclosure, garnishment or repossession, we are here to help you with
the respect you deserve.

Our bankruptcy law firm understands people who are seeking a bankruptcy attorney
are often going through one of the most difficult periods of their lives. Our
office is here to handle your case with compassion, care and the respect you
deserve. Your needs are our primary concern and we will do everything we can to
help you successfully get through this difficult period in your life.

Learn More


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THREE STEPS TO SUCCESS


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CONTACT US

Steffens Law, LLC is a law firm dedicated to the exclusive practice of
bankruptcy law. We live and breath bankruptcy. It’s the only thing we do. We are
passionate about helping people get their financial lives back on track.

Schedule a free bankruptcy consultation

WHAT PEOPLE SAY ABOUT US


CLIENT TESTIMONIALS

Words cannot begin to express how much I appreciate the professional, kind, and
promt service that I received from Chris Steffens and his amazing paralegal
Angie. It is rare to find such compassion and integrity in the business world
these days. Mr. Steffens was very knowledgeble and made it crystal clear to me
what I needed to do and what informtian I needed to provide, what he would do,
the length of the process and what to expect in the following months. His
inviting warm approach made what could have been an anxious situation, a
pleasent and comfortable one. I highly recommend Chris W. Steffens to anyone
thinking about or deciding to file bankruptcy.
E.B.

Chris was wonderful to work with. He made a less-than-desirable situation
bearable, and gave us confidence in him to handle anything that came up. He made
my husband and I feel respected and taken care of. He had our best interests
first and foremost at all times. We would highly recommend him for legal issues
needing his area of expertise. Thank you, Chris!
D.D.

I was so fearful of going through what feels like a shameful experience to me.
Chris was so kind and positive that I felt that shame recede. He is professional
and precise while maintaining an amazing non-judgements attitude. A lot of
service with care for the fee.
A.S.

Mr. Steffens is very friendly, helpful, straightforward, and responsive to all
questions and concerns that you may have. We highly recommend him if you need
these type of services.
T.C.

Chris has been such a pleasure to work with, he makes everything easy to
understand and is quick to respond to any questions you may have. I thought
bankruptcy was going to be a daunting task but Chris made it very simple and I
couldn't be more happy.
A.R.

I had a wonderful experience at the Steffens Law Office. Chris was kind,
professional and informative. I was nervous at my initial meeting, but was
completely put at ease. He readily answered any questions that I had about my
Chapter 13 filing process. I'm so grateful to have found his office. Great job!
I highly recommend Mr. Steffens!
P.B.CEO

Mr. Steffens was wonderful and explaining the process and answering all our
questions. He worked with our schedule and planned meetings that were convenient
for all. We went in knowing nothing at all, but by the filing date, we were
prepared. Thank you!
K.T.

Chris is fantastic to work with. The idea of bankruptcy is scary. Chris explains
everything so the information is understandable. He does what he says he is
going to do and he talks you though every step and answers any questions along
the way without leaving you with more questions. Humble and caring and one of
the best lawyers I have ever worked with.
L.R.

Chris is fantastic. Professional but laid back to make you feel comfortable.
Very informative, and through. Would highly recommend.
K.B.

Chris is amazing! He has been a big help to my husband and I. He explains
everything in ways you can understand. Thank you for being so amazing Chris! I
would recommend anyone who has questions about bankruptcy to Chris. Chris is
also very down to earth.
K.L.

Absolutely great, stayed on top of things for ME and made sure I got what I
needed done!
R.B.

Chris made it easy. Very helpful let me know every angle and option. Definitely
made this stressful situation so much more easy
J.B.

Chris was amazing to work with. He makes you feel comfortable and can easily
calm your nerves. I felt like a huge weight was lifted off my shoulders as soon
as I left his office.
C.B.

Chris was able to get my case taken care of faster and better than several other
attorneys I had contacted! Thanks Chris.
B.B.

Great guy and very friendly. He makes you feel at home and is completely honest
and up front about everything. Left feeling like I have a new friend and a huge
weight off my shoulders!!
J.M.

Would highly recommend working with Chris. He is very knowledgeable and honestly
wants the best for you.
A.W.

Chris made a very difficult issue very easy and easy to understand. Would use
for other services as well....
Steve

As most people are I was really nervous about filing bankruptcy. Chris was
really great and everything was way easier than I expected. He made the process
easy to follow and his instructions were really clear. If you are considering
bankruptcy give him a call.
C.V.

My husband and I strongly reccomend Mr. Steffens. He was very meticulous and so
helpful. Real down to earth. The kind of attorney you want on your side!! Thank
you Chris!!
I.B.

I reached out with an email and got a quick response. We had an appointment
within a few days. Chris made us feel comfortable with a hard decision. He is
very knowledgeable and had everything ready to go. I highly recommend Chris!!
K.C

Chris is hands down the best attorney we have ever had. He and his wife are
understanding, kind, very informative, and always have a positive outlook. No
matter how bad you think things are going, Chris will do everything to help get
you back on track. We can't thank him enough for being on our team!
S.C.

Chris has provided legal advice and guidance during a difficult situation. I
found him to be experienced, responsive, knowledgable and honest. While working
with Chris, I felt as though my situation was in adept and trustworthy hands,
and he did not steer me wrong. I would highly recommend Chris and his staff to
anyone seeking legal representation that is fair, honest and will keep your best
interest and unique needs at the forefront. Should the situation arise, I would
not hesitate to seek representation from Chris again.
A.B.

Chris and his crew have been extremely helpful and knowledgeable, courteous and
professional through this whole journey through a difficult portion of our
lives. He has helped to guide us through what needed to be done, what documents
to have, and what to expect (and not to expect) during this process. If you are
in need of a lawyer for this process, and want one that is going to be prepared,
then I have no issues recommending Chris Steffens' office.
S.R.

I just met with Chris today! He was super awesome and VERY helpful, he answered
all my questions and was very straight forward, I’d recommend Chris to anyone!
Now I’m a lot less stressed thanks to him!
N.S.

I was really nervous but Chris was so down to earth sincere and experienced. The
process was quick efficient and through. I would recommend any with qusetions on
bankruptcy to give him a call
P.D.

Chris is wonderful. He talks in laymen terms and is honest and upfront. He has
been a great help for me.
R.B

Very happy with the service I received. Very quick.
J.S.

Chris was AWESOME! I was nervous at first and hoped he would not judge. He made
me feel comfortable instantly. He is down to earth and so easy to talk. And he
liked the band JOURNEY!!
T.S.

Chris is so easy to work with and will work around your schedule to make things
go quicker and easier for you! He explains things well and is very up front and
honest with how the process works and all the fees involved when explaining the
options to you. He provides assistance in guiding you to the best decision for
your situation. Much needed help in a stressful time!
M.L.

Chris Steffens is the consummate attorney for our bankruptcy. He has all the
required qualities: diligence, expertise, patience, efficiency, dedication,
resourcefulness, ... and all with a professional, friendly countenance. We
highly recommend him to one and all!!
C.R.

I had contacted a few attorneys in the area, and decided to go with Chris
because of his accessibility, straightforwardness, and sincere desire to help me
sort out my situation. After months of answering questions and guiding me
through the process, Chris referred me to another attorney who he thought had a
particular specialty necessary to give me the best shot at successfully meeting
my financial goals. Mind you, I was never charged a penny for his wisdom.
Regardless of what business you are trying to conduct, you will not find a more
ethical and professional person. When it comes to personal finances, livelihood,
and your future, this is the attorney you want on your side.
D.S.

Chris is down to earth and easy to speak with. He will guide you through a
difficult process without judgement. Thank you Chris!
S.W.

Incredibly helpful, fast and easy! He was knowledgeable about every single
obstacle and took care of everything immediately including my concerns and
stress! So grateful to have gotten the best attorney when I made this difficult
decision.
K.M.

Chris is an exceptional bankruptcy attorney...prompt, professional, and a
pleasure to work with. If you are needing a fresh start, call Chris. He is the
best!
L.S.

Awesome guy , knows his stuff, so helpful, if your not sure about something, he
always has an answer for you! Highly recommend
R.M.

Very knowledgeable, quick response, extremely pleased with service.
D.H

Chris was so helpful and explained all my options to me. He answered all my
questions and helped me with everything I needed. He was super friendly and easy
to work with. I highly recommend him!
M.V.

Mr. Steffens was very responsive to all my questions, emails and calls as they
arose. He was very thorough. Well worth talking to Mr. Steffens for his help in
handling your case.
S.M.

Chris was so amazing. Went in very stressed and out and came out knowing
everything was in great hands. Would give more than 5 stars if I could!
A.P.

If you need a bankruptcy lawyer in Lawrence, KS, then you need to call Chris
Steffens. I was very anxious about contacting a bankruptcy attorney. Chris was
kind and genuinely cared about my circumstance and worked quickly and
efficiently to file my bankruptcy. He was responsive and answered all of my
questions. What a relief to be done with the process. Thanks Chris!
R.W.

Going through financial issues is never pleasant but Chris makes the process so
relaxed. I went in to our first meeting so stressed out and came out of it
confident that I was making the right move and that Chris would make sure all
proper steps would be taken care of. Too bad I can't give ten stars because he
totally earned all of them.
D.R.

Exceptional service! Chris answered all of my questions, helped me understand
all of the ins and out of the process, and made an extremely stressful situation
easier than I could have ever imagined.
J.M.

Chris was very helpful and understanding. He was able explain the options and
what to expect clearly and thoroughly. Because this is very difficult to go
through he was patient with me as I was pretty emotional and upset at times.I
highly recommend Chris.
K.W.

Chris was amazing and would highly recommend him! Had nothing but my best
interest in mind when helping me
R.A

Chris is an awesome guy, and made the process so much smoother than I was
expecting. He clearly has a passion for helping people, and does a great job
explaining the process. Thanks, Chris!
S.S

I was so nervous going into this, Chris was so down to earth and easy to talk
to. Chris was very understanding he help me with all my questions and concerns I
had. I would recommend him to any one needing help with bankruptcy.
C.B.

Chris and crew have been professional and accommodating the whole way in helping
get me back on track with a very trying financial matter. I hope I never have to
use for the same subject again but would recommend to a friend in need.
R.F.

Had a very good experience with Chris. We had a 4 hour meeting to file the
bankruptcy which was easy and straightforward. I have confidence the court date
will go well.
M.R.

Chris was super easy to work with and made the process as easy as possible.
B.R.

Mr Steffens has been a great help for our family. He was very easy to get an
appointment with and we really appreciate his honest, straight forward advice.
He's also not judgmental which makes a difficult situation much easier to
handle. Thank you very much Mr Steffens for all of your assistance.
K.C.

Very knowledgeable and patient with unique situations. Great communication as
well. Highly recommended!
T.J.

He explained everything I needed to know about the process. I would recommend
his service to anyone.
F.M.

Chris has been amazing during this process. I would recommend him to anyone. He
is super nice and very professional.
J.M.

Mr. Steffens was great! He was so helpful every step of the way and made this a
very good experience. He took care of everything.
E.K.

Met with Chris today ,very professional friendly and helpful. A breath of fresh
air in a difficult time in our lives highly recommend
C.B.

Chris was very easy to work with, very personable and understanding. He was very
knowledgeable and helpful and did not rush along. Highly recommend for a very
smooth process.
C.E.

Chris was not only very knowledgeable and helpful, his fun and joyful
personality made going through a crappy situation way more enjoyable than i ever
thought was possible.
L.F.

Great experience. Took the time to explained the process. Mr. Seffens was very
knowledgeable and effcient and a pleasure to work with. I would recommend him to
anyone having financial difficulties.
D.R.

He was super helpful, explained everything clearly, always able to get ahold of
him for questions and very professional! Would recommend him to anyone!
K.L.

He was very nice and told you exactly what was going to happen and is the best
attorney hands down
J.H.

Chris was very polite, easy going, and took his time to make sure things were
done right! He was honest and very straight forward...Overall, Id send anyone in
the same situation as myself to Chris!
B.K.

Like he told us people never expected to be in the situation made me feel human
and it happens highly recommend attorney!!!!!
A.T.

Chris was very professional, easy going and accessible. I highly recommend him.
M.S.

Chris TOTALLY saved me!! I called him late afternoon on a Thursday in a panic
over a defaulted loan, which put me at HIGH risk of losing my only means of
transportation. Being a single mom, transportation is everything. Chris not only
got me in the next day, his non-judgemental calm demeanor provided me MUCH peace
of mind and hope in a seemingly hopeless situation. Upon meeting him the next
day, I instantly felt at ease - his energy, knowledge, and again - non-judgement
demeanor - made the process relatively painless as well as allowed me to
maintain my dignity, which was quickly slipping away prior to walking into his
office that morning. A couple hours later and blame, I was walking out with a
ginormous smile on my face - the kind of smile one gets when the weight of the
world gets alleviated from their shoulders. To say I HIGHLY recommend Chris is
an understatement. He knows his business and is solid human - it really doesn't
get much better than that!
J.T.CEO

We recently went through some life changing events. I lost my job in February
this year, then we had to close our business in May this year. We went from
10-14k a month to 0. We hit rock bottom fast. We had to l2t our truck go back
and had a reposession of our motorcycle prior to that. We were months late on
credit cards and had no way of ever getting caught up on any of them. Plus
trying to pay what was left on the two reposessions. We had no way out but to
think of bankruptcy. We went to see Chris and he made us feel more at ease about
such a huge decision. We have had things to come up and he has been very prompt
to take care of it. We have also had questions over the past month that he was
also very prmpt to answer. So far it has been easier than expected. We are still
very stressed out and will be, until it is all over in 3yrs. We havent been to
court; which we are extremely nervous about, but Im sure Chris will help us be
calm about it all. Thank you Chris for making this a easy as possible!
R.C.

Very professional and non-judgmental, which is really, really appreciated in
these situations.
N.F.

I was extremely stressed out with everything going on in my life, but Chris
Steffens sat down with me and walked me through the entire process. A huge
weight on my shoulders was lifted and I can't thank Chris Steffens enough.
W.D.

Definitely will refer...worth every penny and every star.
D.B.

Best attorney and very helpful
J.R.

He is great, very helpful!!!!
M.H.

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with 35 years of law experience

Free Consultation

THE PURPOSE OF THIS FAQ IS TO GIVE YOU A QUICK ANSWER TO VERY GENERAL QUESTIONS.


FREQUENTLY ASKED QUESTIONS

Should I file Bankruptcy?

Filing Bankruptcy is a deeply personal and emotional decision, but it also needs
to be fact driven. A person should file a bankruptcy if, and only if, he or she
can’t pay bills as they come due or is about to lose property or have property
attached by the Court. Very few people lose any property when they file
bankruptcy.

Filing a bankruptcy is generally better than having a foreclosure on your credit
record. A person will often be able to rebuild credit and buy a house within 2
years after a bankruptcy. A repossession can do more damage to your credit, and
it may take much, much longer to recover. Government regulations may forever
keep you from financing a home with the VA or FHA if you have a repossession for
a home, but allows financing 2 years after bankruptcy. Only 7 magical items may
not be bankrupted: Child Support and Alimony; taxes less than 3 years old;
federally guaranteed student loans; debts due to fraud; debts due to drunk
driving; debts due to intentional injuries; and criminal restitution. There are
many exceptions to even these. A driver’s license can be reinstated by filing,
if you lost your license because of unpaid damages for an auto accident. When in
doubt, always list the debt when filing: It may be bankruptable due to an
exception.

Which Bankruptcy is right for me: Chapter 7 or Chapter 13?

A Chapter 13 is like a bill consolidation loan, and you normally file it to keep
property and stop foreclosures. A Chapter 7 is used to completely wipe out
unsecured debts and to get rid of secured debts for property you don’t want to
keep. Both will stop garnishments and Creditor harassment. If you earn more than
the average wage for your state and size of family you will normally be required
to file a Chapter 13.

You may have to file a Chapter 13 if you have so much income (after you pay
your normal monthly living expenses) that you can repay something to your debts.
A Chapter 13 can no longer be used for special purposes, such as to debts due to
fraud. But can repay child support, repay student loans, or protect a co-signer.
The fortunate thing about virtually all Chapter 7 cases is that the Debtor’s
assets are normally exempt, so there are rarely any assets to liquidate.  Each
state has different rules for what property can be kept.

Why file a Chapter 7?

If you have substantial unsecured debts you may want to file a Chapter 7. You
may also want to file a Chapter 7 if you want to surrender property and not owe
for it. You can usually keep all your property in a Chapter 7, because you won’t
have enough equity in any property to exceed the exemptions allowed.

You may have to file a Chapter 13 if you have so much income (after you pay your
normal monthly living expenses) that you can repay something to your debts. A
Chapter 13 can no longer be used for special purposes, such as to debts due to
fraud. But can repay child support, repay student loans, or protect a co-signer.
The fortunate thing about virtually all Chapter 7 cases is that the Debtor’s
assets are normally exempt, so there arerarely any assets to liquidate.  Each
state has different rules for what property can be kept.

Why file a Chapter 13?

You may want to file a Chapter 13 if you have secured debts and are threatened
with foreclosure or repossession, if you filed a Chapter 7 less than 6 years
ago, if you wish to protect your cosigner, or if you have debts that are not
dischargeable in a Chapter 7 but are payable in a Chapter 13. Child support can
be paid first in a Chapter 13 before secured creditors giving you the advantage
of not losing a car or property but having all of your payments go to child
support at the start of the case.

Can I convert from a Chapter 13 to a 7 or from a 7 to a 13?

Yes they can be converted. Few people convert from a 7 to a 13. However if you
earn over 60-70,000 you have a strong chance that the US attorney’s office will
file a 707 b motion that may force you into a 13. If you file a Chapter 13 you
have a good chance that you will have to convert from a 13 to a 7. Over 3-5
years, you are very likely to miss payments and have the Chapter 13 dismissed
(or have to refile). Some Chapter 13 cases are never finished and are converted
into Chapter 7 cases. If you are close to completing the plan, you may be
granted a hardship discharge. Plans can also be later modified if incomes
change.

How long will bankruptcy take?

It will take about 3 to 4 months for a Chapter 7 to be final. (You will get a
letter within 10 days of filing, telling you the time and date of the 341
hearing. This hearing will be held about 4 to 6 weeks after you file.) A Chapter
13 will take as long as the repayment plan takes. If you file after 10-2005
before getting a discharge you will attend a hearing.

What do I need to begin the bankruptcy process?

Compile a list of past and present debts as well as a schedule, or list, of
assets and liabilities. You’ll also need a statement of financial affairs to
file with the bankruptcy court in addition to your filing fee.

Isn’t filing a bankruptcy just a matter of doing the paperwork?

For some reason, many people believe that anyone can prepare a bankruptcy
petition at any time and get rid of debt. Nothing can be further from the truth.
While it is true that anyone can file a Chapter 7 or 13 bankruptcy, the trustee
and the bankruptcy court will look at many factors (including your assets,
income, nature of debt, etc.) in your case before allowing you to obtain a
discharge. For this reason, it is important for every potential debtor to do the
research, whether individually or through competent counsel before filing.

Can I file without an Attorney?

Yes. You can file a bankruptcy yourself, and this is called “filing pro se”.
 Bankruptcy law is very complex; however, so doing your own case can be a very
bad idea. Considering the time and risk involved, it is generally recommended
you use a bankruptcy lawyer. You may lose far more in Court than what the
Attorney would have cost—plus there is the extra time and effort on your part
doing the work.

Why do I need an attorney vs. a paralegal or myself?

Many people do not know the distinction between licensed attorneys and
paralegals/legal document service providers and often choose the latter to save
money. For one, paralegals cannot give any legal advice. This means that they
can only prepare and type the petition based on the information you give them
(in other words, you will be your own bankruptcy lawyer throughout your
bankruptcy). As such, you will be responsible for doing the legal research to
exempt your assets, answering the questions in the petition, preparing your
schedules, and representing yourself at the §341(a) hearing. Unless you have the
time, knowledge, and experience to do this on your own, you will be better
served to leave your worries with an experienced attorney who can do all of
these things and advise you throughout your bankruptcy. Filing a bankruptcy is
not as simple as it may seem. Even simple mistakes can be extremely costly,
especially if you have valuable assets (including your home).

What are the most common mistakes I can make when filing?

Not showing up for your hearing and not listing all of your debts. Fail to show
up at the hearing, and your case is dismissed. Fail to list a debt, and you
continue to owe it. Also people often have too much in a checking account when
they file or a tax refund coming. The best policy is to list all your debts and
assets. Always list every debt, even if you think it is nondischargeable, it may
be discharged anyway. Even include last month’s utilities.

If I file for bankruptcy will I lose my property?

The vast majority of people are able to keep all of their possessions after
filing bankruptcy. How? Federal and state laws have been created to allow you to
exempt your assets and protect them from being taken by the bankruptcy trustee.
The fact is, most people do not have enough valuable assets to exceed the
exemption amounts provided under the law.

If I file for bankruptcy what will happen to my home?

This is a very common concern for potential bankruptcy filers. Under state law,
bankruptcy filers may take a homestead exemption of up to $125,000. If the
equity in the home exceeds the appropriate homestead exemption, the bankruptcy
trustee may elect to sell the property and administer the excess equity for the
benefit of the creditors. Thus, it is very important for homeowners to know the
market value of their homes before electing to pursue bankruptcy.

How long does Bankruptcy stay on my credit report?

All negative information such as late payments, collection accounts, legal
actions, repossessions, defaults, and the like stay on your record for seven
years. Similarly, a bankruptcy filing will stay on your credit report for seven
to 10 years. However, many people interpret this as being unable to obtain
credit for the next seven to 10 years following a bankruptcy filing. Nothing
could be further from the truth. In fact, there are many steps that debtors can
take post-bankruptcy to rebuild credit and purchase property.

If I file for bankruptcy, will I ever be able to obtain credit again?

Many people are surprised when they are told they can obtain credit cards and
purchase a car upon receiving a discharge through bankruptcy. It may sound
incredible, but it is true. Why? Many filers suffer years of poor credit ratings
and high debt-to-income ratios before finally deciding to file bankruptcy. For
such filers, bankruptcy lowers the debt-to-income ratio and permanently stops
the creditors from reporting late charges, defaults, and other negative remarks
to the credit bureaus. As a result, many debtors find that once they receive a
discharge, they can obtain car loans and credit cards without much hassle. These
loans, however, usually come at a greater cost to the debtor through high
interest rates.

With regard to purchasing an automobile, many debtors qualify for an auto loan
immediately upon receiving their discharge despite the recent bankruptcy and
negative credit. The cost to the debtor will be in the form of higher interest
rates. With timely payments over an extended period of time (one to two years),
many lenders are willing to refinance the vehicle for a better interest rate.

As for home purchases, many lenders will grant financing, provided that the
debtor maintains perfect credit for at least two years after receiving the
bankruptcy discharge and has saved a significant down payment. In some cases, a
debtor may qualify for a home loan prior to this two-year period with little or
no down payment. Whether you qualify for a home purchase will depend on many
other factors in addition to your credit and down payment. The point here is
that it is not impossible to purchase your dream home with a bankruptcy on your
record.

Will anyone find out about my bankruptcy filing?

Although it is a matter of public record, unless you are a public figure or
famous, it is very unlikely that your friends, family, or co-workers will ever
find out about your bankruptcy filing. In most cases no one other than the
debtor, creditors, attorneys, and court officials will ever know about your
bankruptcy filing.

Can one spouse file for bankruptcy and the other not file?

Just because you are married does not mean you both have to file bankruptcy
together.

Will I have to go to court?

Anyone who decides to file bankruptcy must attend a hearing known as the §341(a)
meeting of creditors. The hearing usually takes place 30 to 45 days after the
bankruptcy petition is filed and is presided over by the trustee assigned to the
case. Those who decide to use a paralegal service or prepare the bankruptcy
petition on their own must represent themselves at this hearing. All testimony
at this hearing will be given under oath and penalty of perjury.

What happens when I file?

When you file a bankruptcy, a Court order goes into effect immediately stopping
all collection activity. This includes stopping foreclosures, attachments,
garnishments, and Creditors calling you. The sooner you come in to the law
office, the sooner you can get relief—and the more you can save from Creditors.
You will have a 341 hearing within about 4 to 6 weeks after the bankruptcy is
filed. When the bankruptcy is finally over, a discharge is issued. This is a
final and permanent order to stop all collection activity and declaring the
debts to be non collectable. Bankruptcy does not normally get rid of a security
interest that you gave to a Creditor such as a mortgage or a standard car lien,
but it does make you not liable for the debt.

Who lets my creditors know I’ve filed for bankruptcy?

The bankruptcy court notifies all creditors by mail.

Can a creditor continue to contact me after I’ve filed for bankruptcy?

During the time the debtor is working out a plan or the trustee is gathering and
preparing the assets to sell, the bankruptcy code dictates that creditors must
stop all collection efforts against the debtor. As soon as the bankruptcy
petition is stamped “Relief Ordered” upon filing, you’re immediately protected
from your creditors. This is called an automatic stay. After that time, if a
creditor attempts to collect a debt, immediately notify the creditor in writing
that you have filed bankruptcy, and provide them with either the case name
number and filing date, or a copy of the petition that shows it was filed. If
the creditor still continues to collect, you may be entitled to take legal
action against them.

Will I lose my retirement accounts or payments from social security?

Generally, no. Retirement accounts that are ERISA-qualified aren’t considered
property of an estate and aren’t taken into consideration as assets. Social
Security benefits are protected from assignment, or garnishment for debts in
bankruptcy. Once paid, the benefits continue to be protected only as long as
they can be identified as Social Security benefits. For example, money in a bank
account where the “only” deposits into the account are direct deposits of Social
Security benefits are identifiable and generally protected.

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Chris W. Steffens, Attorney at Law is a Bankruptcy Lawyer serving Topeka,
Lawrence, Overland Park & Kansas City KS. I’ve filed hundreds of cases and spent
years honing my practice at one of the largest consumer bankruptcy firms in
Kansas. I bring with me my exceptional knowledge and experience and I treat
every client with the respect and care they deserve.

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