If you’re looking for a bankruptcy attorney in Overland Park, you can end your search here. Steffens Law is here to help.
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If you’re worried about calls from creditors, garnished wages, how you’ll deal with repossessions or even just how you’ll manage your schedule when it comes time to file for bankruptcy, don’t worry. We can handle everything for you.
Steffens Law offers all the educational and logistical resources you need for a stress-free process. We offer:
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Filing for bankruptcy can be a stressful process, especially if you aren’t sure what to expect. From navigating legal jargon to dealing with the pressure of having creditors breathing down your neck, the idea of filing for bankruptcy in Overland Park likely has you in a cold sweat.
Take a deep breath – Steffens Law is here to help. Close to 50% of all of our clients come from previous referrals, so it’s easy to see that we have a reputation for customer service.
We’ll walk you through each and every step of the process so that you can finally get the debt relief you’ve been dreaming of – and so you can stop worrying about the IRS, foreclosure, or repossessions.
Give us a call today – what do you have to lose?
Bankruptcy sounds complicated but it’s actually quite simple. It is a legal process in which people who are unable to repay their debts to creditors are able to get financial relief. It can be initiated by a court order or by the debtor themselves.
This legal process will help you either eliminate or repay your debts. There are several types you can choose from, depending on the type of debt you have and your preferences. These include a Chapter 7 (or liquidation) and a Chapter 13 (or a reorganization).
As soon as you file for bankruptcy, creditors must stop all forms of debt collection. That means no more phone calls, no more letters, and no more garnishments. Even foreclosures and lawsuits need to be paused until the situation is resolved.
Although bankruptcy has its fair share of limitations, it is a helpful resource for people who are ready to say goodbye to their financial burdens.
There are a few different types of bankruptcy you can file, each of which deals with various types of debt in different ways.
The most common types of debt are dischargeable debts. Also known as non-priority unsecured debts, these go away in bankruptcy. They include debts such as:
They can also cover outstanding attorney fees related to any of these debts (or other situations in which a lawyer’s fees were left unpaid, too).
Secured debt is another type of debt that can go away in bankruptcy, but through a different channel. It is debt that is secured by some sort of physical collateral (such as a home or car). You can surrender the collateral back to the lender and stop paying on the debt once the case is resolved. You can also choose to keep the collateral but you must continue to pay for it.
Examples of secured debt include vehicles, mortgages, and title loans. In some cases, credit card debt for certain items purchased at specific stores might also qualify. Kay Jewelry, Furniture Mall of Kansas, and Nebraska Furniture Mart are three examples.
Finally, there’s nondischargeable debt. This type of debt never goes away. It sounds grim, but fortunately, most debt doesn’t fall into this category. It can include the following:
The process of filing for bankruptcy will be different for just about everyone. However, the goal of filing will always be the same – to help you get back on track with your finances.
When you contact Steffens Law, we will begin with a free consultation. Consider this a get-to-know-you meeting. It can happen in our office in Overland Park or right from the comfort of your own home with our Bankruptcy From Home process.
The benefit of using Bankruptcy From Home is that you won’t have to travel to us to work on your case. You won’t have to take time off work, find a babysitter, or pay for gas. It can help save you money and time, which in turn will help ease some of the stress involved in filing for bankruptcy, too.
After we have your first meeting, you’ll have some homework. You’ll need to put together some financial documents for us. Then, we’ll hold a drafting appointment and get your case ready to file. We’ll handle the filing logistics and make sure you get a copy of everything.
Once your case is filed, something known as an Automatic Stay will go into effect. This is where you’ll start seeing the impact of your filing. Even before the meeting of the creditors, which occurs about a month after you file, you’ll find that all phone calls, letters, repossessions, garnishments, and foreclosures stop.
About a month after filing bankruptcy, a meeting of the creditors will be held. For Chapter 7 cases, a discharge will be granted about as early as 90 days after your case is filed. For Chapter 13 cases, you will need to complete your plan before you receive a discharge. A discharge will formally and permanently stop the collection of your debts.
Once you’ve decided to file for bankruptcy, all that’s left is to find the right people to help you do it. Steffens Law is an experienced bankruptcy lawyer in Overland Park, KS. We’ll get you through the entire bankruptcy process unscathed. We promise to always put your best interest first and to help you manage your expectations every step of the way.
There are two main types of bankruptcy you can file – a Chapter 7 and a Chapter 13. Chances are, it’s the Chapter 7 type of bankruptcy with which you are most familiar.
In this kind of bankruptcy, all of your dischargeable debts will be wiped out. Non-dischargeable debts, as you might expect, will hang around. You will be able to keep protected assets but those that are nonexempt will be sold in a liquidation sale or you can make a deal with the Chapter 7 Trustee to buy them back.
The money that is generated through the liquidation sale will go back to the trustees or creditors. To qualify for a Chapter 7 bankruptcy, you have to be within a certain income threshold. You must also pay all legal fees prior to filing.
A Chapter 13 bankruptcy works a little differently. It’s sometimes called a reorganization or a wage earner’s plan. The main benefit of filing this type of bankruptcy is that it can be done with no money down.
Chapter 13 bankruptcy also provides you with the ability to wipe out most, if not all of your dischargeable debts. The main difference between Chapter 7 is that you must propose a Plan to repay a portion of debts relative to your monthly disposable income. Debtors with large monthly incomes generally have a higher payment than those with lower household income. A Chapter 13 is custom tailored to suit an individual’s financial circumstances and no case is identical.
Chapter 13 bankruptcy is a good option for people who need to save their home from foreclosure, stop vehicle repossessions or who want to stretch out their secured debts over the entire duration of the plan.
The goal in filing a Chapter 13 bankruptcy is to give you financial relief while allowing you to restructure some debts that have been causing you trouble.
A garnishment can occur after a creditor sues you in court, receives a judgment against you and there is an order issued to garnish your wages. In this arrangement, a portion of your paycheck (up to 25% of your net income) will be taken out to go toward repaying that debt.
Unfortunately, garnishments don’t go away very quickly. Your wages can be garnished for as long as you work at a job or until the debt is fully repaid. Filing for bankruptcy will stop garnishments.
In fact, you’ll get relief as soon as your case is filed with an attorney in Overland Park like Steffens Law.
When you buy a vehicle, you sign an agreement known as a retail installment sales contract. Few people take the time to read the fine print in these contracts – but it’s important that you do.
If you ever default on the loan, meaning you miss multiple payments, the lender can repossess the vehicle. These repossessions can happen at any time – when you’re at work, sleeping, or picking up your kids from school.
Therefore, it’s important that you contact an Overland Park bankruptcy attorney about repossessions before they interfere with your life. Don’t wait until it’s too late!
If you miss multiple mortgage payments, a foreclosure is the final step for lenders. A judgment in favor of the foreclosing party gives the lender court approval to sell your house at auction and take possession of your home. You can still protect your home in bankruptcy after a foreclosure judgment, but you must file the bankruptcy prior to the sheriff sale or it will be too late.
When you file for bankruptcy, an Automatic Stay will go into effect. Any foreclosure proceedings will pause. Most people who file Chapter 13 bankruptcy to deal with mortgage debt successfully get back on track and save their home.
Chapter 13 is an extremely powerful tool because it gives homeowners in distress the time and financial resources necessary to protect their property.
Filing for bankruptcy might not be the most exciting moment of your life, but for people seeking relief from their financial burdens, it’s a smart and necessary choice.
Get in touch with Steffens Law as soon as you can to find out if filing for bankruptcy is right for you. We’ve dealt with thousands of cases just like yours – chances are, we have the skills, experience, and connection to help you wind up on top.
Chris Steffens is a bankruptcy lawyer in Overland Park, KS. With more than a decade of experience, his goal is to help you make it through the bankruptcy process unscathed.
Contact Steffens Law today for a free consultation – and rest easy knowing you’re on the right track to financial freedom.