Chapter 13 Bankruptcy Attorney in Kansas City
Serving Kansas City and Beyond
Most consumers who pursue bankruptcy choose either Chapter 7 or Chapter 13. While both of these processes are geared toward everyday people who have become entrapped in debt, and both ultimately wipe away qualifying debt, they involve very different steps. An experienced bankruptcy attorney can help you determine which type of bankruptcy is right for you.
Why Choose Patton & Dean, LLC for Bankruptcy Services?
- No-Money-Down Comprehensive Bankruptcy Services
- Free Consultation to Discuss Your Debt Relief Options
- Thousands of Successful Bankruptcy Cases Handled
- We're located in Kansas City, Lenexa, and Lee's Summit
Call Patton & Dean, LLC today at (913) 203-4786 or contact us online to schedule a consultation with our Chapter 13 bankruptcy lawyer in Kansas City.
What is Chapter 13 Bankruptcy?
Also called the wage earner’s plan, it allows individuals with a regular income to repay all or part of the debts that they have accumulated. They must propose a repayment plan that allows them to pay monthly installments for 3 to 5 years.
Chapter 13 bankruptcy offers an opportunity for individuals to protect their assets while adhering to a structured repayment plan. Unlike Chapter 7 bankruptcy, which might require the liquidation of assets, Chapter 13 participants can retain their possessions, such as homes and vehicles, while catching up on overdue payments. This type of bankruptcy is particularly beneficial for those who have non-exempt assets they wish to keep. Additionally, by following a repayment schedule, individuals can prevent foreclosure and repossession, safeguarding their family's stability and peace of mind.
Who Can Declare Chapter 13 Bankruptcy?
Chapter 13 bankruptcy, also known as a wage earner's plan, can be declared by individuals who have regular income and want to pay their debts but are currently unable to do so. This type of bankruptcy allows debtors to propose a plan to repay all or part of their debts over a period of three to five years.
However, not everyone is eligible for Chapter 13 bankruptcy. To qualify, an individual must:
- Demonstrate consistent earnings. This is to confirm their ability to follow the repayment plan. Regular earnings can come from a variety of areas, such as salary, self-employment income, welfare benefits, disability or retirement payouts, among others.
- Have unsecured and secured debt obligations that fall within the limits. The limits change every few years, so be sure to speak with a seasoned Chapter 13 attorney in Lenexa to confirm if you can file.
- Have had a bankruptcy application dismissed in the past 180 days due to deliberate failure to appear before the bankruptcy court or failure to comply with court orders, or if the bankruptcy filing was voluntarily dismissed following creditors' attempts to obtain court assistance to reclaim property they have liens on.
- They must finish credit counseling from an organization endorsed by the U.S. Trustee's office within 180 days before submitting the filing.
Corporations or partnerships cannot file for Chapter 13. Only individuals (including those who operate businesses as sole proprietors) or individuals filing jointly (such as married couples) are eligible.
Individuals who are considering Chapter 13 should also consider the commitment involved. This bankruptcy type requires strict adherence to a court-approved repayment plan. Any deviation might result in the dismissal of the bankruptcy protection, leaving one vulnerable to creditors' actions. While Chapter 13 can stop foreclosure, it requires consistent mortgage payments alongside the repayment schedule. Proper understanding of these responsibilities ensures that clients make informed choices tailored to their long-term financial health. For more information, connect with a qualified Chapter 13 attorney at Patton & Dean, LLC.
If you are considering filing, contact our professional Lenexa Chapter 13 bankruptcy lawyer for advice based on your circumstances.
We Offer No Money Down Bankruptcy
At Patton & Dean, LLC, we provide no-money-down bankruptcy services for those pursuing Chapter 13 bankruptcy. Our legal team offers experienced guidance and one-on-one bankruptcy counseling in Kansas City and the surrounding areas for people facing difficult financial circumstances.
We have developed a unique, Complete Bankruptcy model of legal guidance. This means we handle all aspects of the Chapter 13 process—from deciding whether to pursue bankruptcy through the completion of your case, as well as post-bankruptcy matters—for no money down.
What’s Involved in a Chapter 13 Bankruptcy?
The most important aspect of Chapter 13 bankruptcy is the repayment plan. This type of bankruptcy allows you to tackle past-due payments through a single, affordable monthly payment that takes into account your financial circumstances. At the end of the three- or five-year repayment plan, any qualifying debt that hasn’t been paid off will be discharged (eliminated).
Importantly, the flexibility of Chapter 13 allows for adjustments in the repayment plan in response to changes in income or unforeseen financial setbacks. This adaptability ensures that the payment plan can also cater to emerging needs, such as sudden medical expenses or changes in employment. Chapter 13 may also enable individuals to reduce the principal amounts on certain secured debts, offering them a chance for better financial recovery in the long run.
Is Chapter 13 Bankruptcy Worth It?
The decision to pursue it is a complex one, and its worth depends on your specific financial circumstances. At Patton & Dean, LLC, our experienced Chapter 13 attorneys in Kansas City can guide you through the evaluation process.
Chapter 13 can be worth it if you're facing overwhelming debts but have a stable income and want to protect your assets. It offers a structured repayment plan spanning three to five years, allowing you to catch up on missed payments, including mortgages and car loans, while keeping your property.
One significant advantage is the possibility of preventing foreclosure or repossession, which can be crucial if you're at risk of losing your home or vehicle. Chapter 13 bankruptcy can halt these actions and provide a framework to address arrears over time.
Furthermore, if you’re ineligible for Chapter 7 due to income or asset limitations, Chapter 13 might be the right choice for you. It allows you to consolidate debts and make manageable monthly payments based on your disposable income. This can be particularly beneficial if you’re trying to avoid liquidating assets.
However, it’s essential to consider the commitment and discipline required for a Chapter 13 plan. You’ll need to follow the repayment schedule and maintain regular payments, which may last for several years.
At Patton & Dean, LLC, our Kansas City Chapter 13 lawyers have extensive experience navigating these complexities. We understand that each financial situation is unique, and we’re dedicated to providing personalized guidance to help you make an informed decision.
If you’re wondering whether Chapter 13 is worth it for your circumstances, reach out to a Chapter 13 bankruptcy lawyer at our firm for a consultation. We can evaluate your financial situation, explain the potential benefits and drawbacks, and help you determine the best path forward to regain control of your finances. With years of experience, our team is committed to your financial well-being.
When Does Chapter 13 Make Sense?
For some people, Chapter 7 bankruptcy makes sense because it is a faster process and does not require a repayment plan. However, Chapter 13 may be a better option if:
- You do not qualify for Chapter 7
- You earn a steady income
- You have assets that could be lost in Chapter 7
- You want to save your house from foreclosure
- You want to catch up on overdue car payments to avoid repossession
- You have an underwater second mortgage on your home
In addition to these criteria, Chapter 13 is also beneficial for those looking to handle debts that Chapter 7 does not discharge, such as certain back taxes or child support arrears. The structured repayment plan allows for these obligations to be met over time while maintaining essential properties.
Trust our experienced Chapter 13 bankruptcy lawyer in Kansas City to address your legal concerns. Act quickly by calling (913) 203-4786 or submitting an online form to reserve your free initial consultation.
Related Pages
- Is Bankruptcy a Good Option?
- Do You Need to File?
- How Much Does it Cost?
- Are Credit Cards Dischargeable?
Unsure if Chapter 13 is right for you? Speak with our qualified Chapter 13 attorney in Kansas City at Patton & Dean, LLC. We have years of experience and can guide you to the option that best suits your circumstances. Call (913) 203-4786or complete our form.
Real People. Real Reviews.
Past Clients Tell Their Stories
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“Ryan and David both were very personable as well as professional.”Deana
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This team of attorneys has gone out of their way to help me. I am impressed and thankful for all they have done for me.Jeffery B.
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Very grateful. Ryan and his team were very helpful. Thanks to them I was able to keep everything I needed. Very knowledgeable and professional. Thanks Thanks ThanksCarlos I.
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Great service! Ryan Patton was very professional and helpful! Very responsive on my questions! Would definitely refer their firm!Traci V.
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Ryan Patton represented me in my Chapter 13 submission. Given the results, which were far better than I had hoped, his feedback, guidance, recommendations and ultimate submission were outstanding.. His professionalism and value added exceeded my expectations! Do not try a bankruptcy submission without a top notch attorney like Ryan!Larry H.
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I had a hard time coming to the decision to file bankruptcy, Ryan made it painless and was very patient with all of my questions. Very professional.Debra B.
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Ryan was recommended by my parents and has made this process as easy as it can be and has made sure I understood everything every step of the way. This is the second time I have dealt with Ryan and would definitely recommend him to anyone!Terri O.
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Ryan P. was amazing to work with, he was always available every time I needed him. Any question I needed answered or explained more, he was always there. I would highly recommend him to anyone needing his service. I couldn't ask for a better person to help me through this process.Amber M.
What Happens When You Complete Your Chapter 13 Repayment Plan?
After you finish paying off your Chapter 13 repayment plan, you will receive a discharge order that will erase the remaining debt balance. If you file and qualify for Chapter 13 bankruptcy, it can discharge certain debts that do not qualify for Chapter 7.
Completing a Chapter 13 repayment plan signifies a significant achievement in regaining financial stability. Once you receive the discharge order, it marks a new chapter where you can begin rebuilding your financial profile. This includes improving your credit score by demonstrating responsible credit behavior and maintaining timely payments on any continuing obligations. Completion of the plan offers a fresh start, presenting opportunities to refocus on financial goals such as saving for major life events or investments. It's essential to continue prudent financial practices and perhaps seek advice on how to best utilize this fresh start for long-term success.
Take the first step toward resolving your case with a skilled Chapter 13 attorney. Reach out online to set up your consultation.
How Long Does Chapter 13 Bankruptcy Stay On Your Credit Report?
Your bankruptcy public record stays on your credit report for 7 years. It is left on for 7 years because partial repayment is required when filing for Chapter 13 bankruptcy. Your unique situation should determine which path you pursue.
During the period Chapter 13 remains on your credit report, it’s crucial to engage in activities that can help mitigate any negative impacts. This includes consistently paying bills on time, reducing outstanding debt, and potentially seeking secured credit options to help rebuild creditworthiness. Additionally, knowing the long-term impact of Chapter 13 on your credit can motivate positive changes in your financial behavior, helping you to cultivate a more stable financial future, despite the temporary impact on your credit history. It's a journey of recovery that, when managed well, can lead to an improved financial standing in the years to come.
Contact Our Chapter 13 Bankruptcy Lawyer in Kansas City Today
Our experienced Kansas City bankruptcy attorneys can help you understand your options and choose the path right for you.
Take the first step: Schedule a free consultation. Call Patton & Dean, LLC at (913) 203-4786 today to get started with our Kansas City Chapter 13 bankruptcy attorney.
