Should You File Chapter 7 or Chapter 13 Bankruptcy?

Bankruptcy Attorneys in Kansas City, Missouri

Missouri Bankruptcy Lawyers

Are you facing financial hardship and need a fresh start? Have you ever wondered if and when you’re ready to file for bankruptcy? Bankruptcy can help you get back on your feet by allowing you to restructure your finances, pay off debts, and move forward with your life. The decision to file for bankruptcy is never an easy one; thus, Kansas City bankruptcy lawyers are on hand to effectively help you ease your financial burden and guide you in the right direction. Call us today at 816-330-2906 and schedule a FREE initial consultation, and our experienced bankruptcy attorneys can guide you in the right direction!

Why do I need to file Bankruptcy?

Should you file chapter 7 or chapter 13 bankruptcy

If you can’t pay your debts, it may be time to consider filing for bankruptcy. If you’re struggling financially and thinking about filing for bankruptcy, it’s essential to know that there are different types of bankruptcy. 

If you are considering filing for bankruptcy, you may have many questions about the process. At Roach Bankruptcy Center, we have years of experience helping people through the bankruptcy process, and we are here to answer your questions.

Filing for bankruptcy will allow you to get out from under the debt that is causing you to struggle financially. It can also help you rebuild your credit and live a more secure financial life. If you face foreclosure or repossession, filing for bankruptcy could save your home or vehicle. And if you are in debt because of medical bills, filing for bankruptcy could help protect those bills from being added to your credit report and give you time to pay them down while still keeping up with other accounts.

Our lawyers will guide you through every step to make filing for bankruptcy straightforward. We will work hard on your behalf, ensuring that all creditors are paid what they are owed while protecting your assets and relieving you from overwhelming debt. Our experienced bankruptcy lawyers are on hand to help you sort through the messy maze of potentially costly legal advice to save your home, protect your retirement accounts and preserve your other important assets.


Facing Imminent Foreclosure?

We can help save your home! Even if time is running out, we’ll find a way. Find out how by speaking with our bankruptcy lawyer in Kansas City, Missouri today.

What is Chapter 7 bankruptcy?

Have any of the following happened to you?

  • Medical costs or unexpected litigation
  • High-interest payday loans
  • Credit card debt accumulation
  • Foreclosure threats
  • Small business failure 
  • Divorce
  • Creditors making harassing phone calls

If your answer to this question is YES, you need help from our Kansas City bankruptcy lawyers. Chapter 7 bankruptcy is one of the most common types of personal bankruptcies. It allows individuals to discharge their debts and free up their assets to start fresh with a clean slate. We can help you eliminate your unsecured debts, including medical bills and credit cards. If you’re considering filing for Chapter 7 bankruptcy in Kansas City, it’s essential to understand how this type of bankruptcy works.  

A Chapter 7 bankruptcy is also known as the liquidation or straight bankruptcy because it requires that all non-exempt assets be sold off to pay off creditors. If you own a home but cannot afford it anymore, it will likely be lost through foreclosure.

If you are considering filing for Chapter 7 bankruptcy in Kansas City, you must speak with an experienced attorney. At Roach Bankruptcy Center, we can help you understand the benefits of Chapter 7 bankruptcy and how it may affect your financial situation. Our experienced attorneys have helped many clients successfully file for Chapter 7 bankruptcy in Kansas City.

Who can file for this type of bankruptcy?

Anyone who has been living paycheck to paycheck and has been unable to pay their debts is eligible for Chapter 7 bankruptcy. In other words, anyone who owns property in the United States or has a permanent home or business in the country. 

What is Chapter 13 bankruptcy?

Chapter 13 bankruptcy is a form of debt relief that allows individuals to reorganize their debts rather than paying them off immediately.

It is more commonly referred to as “reorganization” or “wage earner’s plan” since it is available only to individuals who earn income and have secured debts (e.g., mortgages). Under chapter 13 bankruptcy, the debtor proposes a payment plan to make installments to creditors over three to five years. If the debtor’s current monthly income is under the state median, the program will be three years unless court approval is given for a more extended period. If a debtor’s current monthly income is above the state median, then the plan must be for five years.

The court-approved plan must be filed with the court, and all creditors must agree to the plan for it to be approved. The debtor must also make monthly payments on the debts included in their program.

If you consider filing for Chapter 13 bankruptcy, including Kansas City, Roach Bankruptcy experienced attorneys can help you determine whether this option is suitable.

Who can file for this type of bankruptcy?

You can file for Chapter 13 bankruptcy if:

  • You recently lost your job after many years with the organization.
  • You could not do the work you used to do due to your disability.
  • If you are an employee, a decrease in income can occur because your company can no longer afford to pay you the same rates.

Chapter 13 bankruptcy is a form of debt relief that allows you to keep your property and resolve your debts. The goal is to create a plan to repay your creditors over time rather than losing everything.

The following people can file for Chapter 13 bankruptcy in Kansas City:

  • Individuals with regular income who want to keep their property and get back on track financially 
  • Individuals whose unsecured debts are less than $394,725 and secured debts are less than $1,184,200
  • Individuals who are behind on their mortgage payments or owe more than five years’ worth of taxes. 

How to file bankruptcy in Kansas City?

Filing for Chapter 7 and Chapter 13 bankruptcy requires you to complete specific steps. To file this type of bankruptcy in Kansas City, you must:

  1. Get a free consultation from an experienced attorney handling Chapter 7 and Chapter 13 bankruptcies. 
  2. You must ready your forms, filling fee, and where to file. All of these can be found on the District of Kansas City website. 

Call our Roach Bankruptcy Attorney Now!

Declaring bankruptcy is a big decision that can significantly impact your life. Your circumstances and financial status will influence whether you should apply for Chapter 7 or Chapter 13. You will need a piece of expert advice from a bankruptcy lawyer to save your finances and help you get a fresh start.  

It’s time to stop the cycle of failure. Give us a call today! Our competent Kansas City bankruptcy attorneys are waiting to talk to you for FREE on your initial consultation!


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