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Welcome to Kansas Bankruptcy Lawyers.com
Did You Know?
Many family finances include a credit card debt
The typical family filing for bankruptcy in 1997 owed more than one and a half times its annual income in short-term, high-interest debt. A family earning $24,000 had an average of $36,000 in credit card and similar debt.
Our Kansas Bankruptcy Lawyers
can help you set your assets in order and take care of all the
files and red tape associated with bankruptcy in a smooth and efficient
manner.
Bankruptcy can be a devastating blow to an individual, a small
business, or a multi-million dollar corporation. The allocation
of funds, audits, creditor claims, and claiming of assets
may be too much for the staff of one corporation to handle, let
alone a single individual.
Bankruptcy, as far as the US Federal Bankruptcy Code is concerned,
is the process undergone when a business or individual seeks relief
from their debts. The Federal Code Law provides for the development
of a plan that allows a debtor, who is unable to pay his creditors,
to resolve his debts through the division of his assets among his
creditors. The proceedings involved in invoking bankruptcy are supervised
by and litigated in the United States Bankruptcy Courts. The Bankruptcy
Code provides that creditors must stop all collection efforts against
the debtor, and allows the debtor to organize his assets and settle
his debt and credit accounts in a feasible manner.
Federal bankruptcy laws also manage how private or commercial companies
go out of business or recover from crippling debt. A bankrupt company,
the "debtor," might use Chapter 11 of the Bankruptcy Code
to "reorganize" its business and try to become profitable
again. Management continues to run the daily business operations
but all significant business decisions must be approved by a bankruptcy
court.
How Are Assets Divided in Bankruptcy?
Secured Creditors - often a bank is paid first.
Unsecured Creditors - such as suppliers and bondholders,
have the next claim.
Stockholders - owners of the company have the last claim on
assets and may not receive anything if the secured and unsecured
creditors' claims are not fully repaid.
What can our Kansas
Bankruptcy Lawyers do for you?
Research all laws (recent verdicts, changes in legal doctrine)
related to Kansas bankruptcy
Who Files for Bankruptcy?
Audio, RM, 32 Kbps, 3:52, 7/26/2002
John Ydstie talks with Teresa Sullivan, co-author of The Fragile Middle Class, about the characteristics of people who file for bankruptcy. Sullivan says most Americans filing bankruptcy are solidly middle class and have either just lost a job, gotten sick or injured, or gotten divorced. Sullivan is vice president and graduate dean of the University of Texas in Austin. Source: National Public Radio
Kansas External Sites
US Bankruptcy Court - Kansas
Information for the general public and legal professionals about the rules, procedures, and administration. USBC - Kansas Locations
Wichita, KS. 67202 (316) 269-6486, 240 US Courthouse 444 SE Quincy Topeka, KS. 66683 (785) 295-2750, 161 US Courthouse 500 State Ave. Kansas City, KS
Definition:
A debtor in Chapter 11 has the exclusive right to file a plan of reorganization for the first 120 days of its bankruptcy. Thereafter, unless the period of exclusivity is extended by the court, other parties may file reorganization plans.
Trustee
Definition:
An agent of the court who manages the property of the debtor for the benefit of the creditors. The court appoints a trustee in most Chapter 7 cases and in Chapter 11 cases when it determines that the debtor's management should not remain in control.
Bankrupt
Definition:
The entity that files a bankruptcy; the debtor; the insolvent entity. This is a non-technical term and is not used in the Bankruptcy Code.
If you live in the following cities and need a Bankruptcy attorney you should contact
our Bankruptcy Attorney as soon as possible:
Derby
Dodge City
Emporia
Garden City
Hays
Hutchinson
Junction City
Kansas City
Lawrence
Leavenworth
Lenexa
Liberal
Manhattan
Newton
Olathe
Overland Park
Pittsburg
Prairie Village
Salina
Shawnee
Topeka
Wichita
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Did You Know?
US Bankruptcy Court - Kansas