David S. Adams
Tools of the Trade exemptions and Minor Statute of Limitations
In Kansas, a person filing bankruptcy will not lose their "tools of the trade" up to a value of $7,500.00 (usually double that amount if the spouse is involved with the business). So long as the items are "regularly and reasonably necessary in carrying on the person's profession, trade, business or occupation" the items would be exempt and not lost in a bankruptcy filing. Most courts have ruled that the business must be the debtor's "primary" business and not a hobby or side business in order for the items to be exempt.
Personal Injury -
In Kansas, the general statute of limitations for bringing a lawsuit after an accident is two years. For minors, the time period is extended for an additional one year after turning 18, but not to exceed eight years total from the time of the event. For any child injured by the negligence of another, who is 10 years old or less, this means that the parent or guardian must bring the suit before the child reaches adult status or the claim would likely be lost forever.
Bankruptcy and personal injury case referrals are always appreciated. Contact Adams & Cross, LLC today at 913-353-4124.