Kansas City, MO, Bankruptcy Attorney

What Happens After Bankruptcy

Know what happens next after bankruptcy to live a truly debt-free life 

When hearing of someone going bankrupt, many often associate it with financial troubles resulting from bad business decisions and credit card misuse. And you would be correct, except that you need to know so much more, especially since what happens after bankruptcy in Kansas City, MO, does not get talked about often. 

People often resort to borrowing money to fund something they do not have the means to pay for upfront. These may include essential payments like utility bills or big purchases like a brand-new car. More importantly, borrowed money has to be paid after a certain period. Otherwise, it can turn into a mountain of debt. You can most likely get out of it unless you do something drastic to address it, such as filing for bankruptcy.

Though it is burdensome to deal with so much debt, deciding to get rid of your debt is a lot harder to do without receiving proper debtor education. If you are seriously considering legal action and need to know what happens after bankruptcy, a bankruptcy lawyer might be the key to answering all your questions.

Working with a bankruptcy attorney from Roach Bankruptcy Center, LLC will not only help save your property but also give an idea of what will happen before, during, and after the bankruptcy filing. Call our law office today to set up a free initial consultation!


Why Do I Need a Kansas City, MO, Bankruptcy Attorney?

Being in a ton of debt for so long might make you forget what life was like without any of it. It changes how you view money and ruins your relationships with family members, friends, and even your significant other. For this reason, knowing what to expect when filing for bankruptcy should give you a reason to look forward to what happens after it.  

When in the process of trying to achieve debt relief, you will need a bankruptcy attorney that you can rely on during strenuous times, particularly someone who:

 Provides personalized representation and guidance throughout the client-attorney relationship

  • Works hard to give you benefits that ease your financial stress and get your life back on track
  • Processes your petition fast to prevent you from spending more than you should
  • Does their best to act on your requests to keep you from losing anything valuable
  • Offers flexible payment plans for legal services that suit your current budget
  • Helps prepare you for what happens after bankruptcy

 Fill out this form now for FREE INITIAL CONSULTATION from our skilled Kansas City, MO, bankruptcy attorney.

What is Bankruptcy?

Bankruptcy is a federal legal process by the United States government to reduce the financial hardships created by enormous sums of debt to an individual or group. As opposed to what most people believe, bankruptcy is a valuable tool that works as a safety net for debtors struggling to repay their creditors while also protecting them from abusive debt collection practices.


What is a Bankruptcy Discharge?

According to the Bankruptcy Code, getting a discharge in bankruptcy is when the debtor is no longer legally required to pay certain types of debts. This describes what happens after bankruptcy. Furthermore, receiving a bankruptcy discharge prohibits all your creditors from directly or indirectly communicating with you, taking legal action against you, and collecting any debts that have been discharged.

The two most common bankruptcies petitioned for are Chapter 7 bankruptcy (liquidation bankruptcy) and Chapter 13 bankruptcy (consumer bankruptcy). Find out what happens after bankruptcy for each chapter by reading below and speaking with a Missouri bankruptcy lawyer. 


What Happens After Bankruptcy in Kansas City, MO, in Chapters 7 and 13?

During Chapter 7 bankruptcy, a trustee gathers and sells your property NOT protected by Missouri bankruptcy exemptions. In exchange, the money raised during the liquidation process will be used to repay your creditors.  

On the other hand, Chapter 13 bankruptcy does not involve giving up any personal property or assets. Instead, you have three or five years (depending on how much your monthly income is compared with the Missouri median income) to repay your creditors through a repayment plan.

The following describes what happens after bankruptcy in both chapters:

  • Your credit will initially take a hit. Although its impact will diminish over time, your Chapter 7 bankruptcy filing will remain on your credit report for ten years. As for a Chapter 13 bankruptcy case, it will stay on your credit report only until you’ve repaid your creditors (typically around seven years).
  • You probably will not qualify for an unsecured credit card when fresh off a bankruptcy discharge.  Opting for a secured credit card is highly recommended. It helps rebuild your credit, as all your payments will reflect on your credit report.
  • Your capability of purchasing a house or car will not be negatively affected by filing bankruptcy. If you strive to rebuild your credit properly, you will not have issues securing a home loan or getting favorable interest rates when getting a brand-new car.
  • Your budgeting habits will change after getting a bankruptcy discharge. Even after knowing what happens after bankruptcy, most people reflect on their spending habits pre-bankruptcy and think about how they could cut non-essential costs from their monthly expenses while still living comfortably.

Furthermore, you must send your creditors a copy of the Discharge Order, which demands that they stop all collection activities toward you. See to it that you have a copy of any additional letters or any paperwork that your creditors sent you even after the cease-and-desist notification against collecting.

Contact our bankruptcy attorney immediately to learn more about what happens after bankruptcy in Missouri!


Can I Still File for Bankruptcy After Getting a Discharge?

Yes, but you have to wait at least eight years after a Chapter 7 discharge before you can petition for bankruptcy again. Luckily, the bankruptcy court will allow you to file Chapter 13 bankruptcy repeatedly without a waiting period in-between filings.


Call our Missouri Bankruptcy Lawyer Now!

Too much debt can considerably affect your mental health due to the stress it brings. Our law firm is fully aware of how terrible this can be, so we’d like to offer our expertise in bankruptcy law.

Roach Bankruptcy Center, LLC caters to all things bankruptcy – including what happens after bankruptcy. We are ready to assist you if you are dealing with unpaid student loans, wage garnishment, and other bankruptcy-related legal issues. Call us right away to get your debt relief journey started! 


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