What Do I Get to Keep If I File Chapter 7 Bankruptcy in Kansas?

The most common items that a debtor gets to keep in a chapter 7 bankruptcy in Kansas are as follows:

  1. Equity in a primary residence – this is practically unlimited so long as the home has been owned for more than three (3) years, and you live on less than one acre inside a city limit (160 acres if not in a city limit).
  2. Up to $20,000.00 equity value in a car (two cars if married).
  3. Retirement accounts – again virtually unlimited.
  4. All household goods and furnishings and clothing (but jewelry is only $1k per person).
  5. Tools of a trade up to $7,500.00

In a chapter 13 case, even many non-exempt assets can still be protected with a little diligent planning.  Chapter 13 involves making a monthly payment to the bankruptcy court for 3-5 years depending on various circumstances.  Kansas has some of the most liberal exemption laws in the country.  Common assets that are sometimes lost in a bankruptcy case are:  bank account balances on the date of filing; claims for personal injury; third cars or motorcycles, boats or other extra vehicle; pending tax returns; and other real estate.


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