If you’re considering filing bankruptcy in Wichita, KS, you’ll need to understand the types, costs, as well as some helpful advice to finding good attorneys.

Am I Qualified for Bankruptcy?

When considering bankruptcy in Wichita, Kansas, the first question that often arises is, “Am I qualified?” Understanding the eligibility criteria is essential before making any decisions. In Wichita, KS, just like in other parts of the US, bankruptcy qualification is mainly determined by the type of bankruptcy you are filing for and your financial circumstances.

For a Chapter 7 bankruptcy, which is a liquidation bankruptcy, you need to pass the “means test.” This test compares your average monthly income for the past six months to the median income for a household of your size in Kansas. If your income is below this median, you can qualify. However, if it’s above, you might still be eligible based on a detailed examination of your finances and allowable expenses.

For Chapter 13, which is a reorganization bankruptcy, there are debt limits. As of my last update, you cannot have more than $1,257,850 in secured debts (like mortgages and car loans) and $419,275 in unsecured debts (like credit card bills or medical expenses). If your debts surpass these amounts, Chapter 13 isn’t an option, but Chapter 11 might be.

Chapter 11, typically used by businesses but available to individuals, doesn’t have specific income or debt level qualifications. However, it’s intricate and usually reserved for those with significant assets or complex financial situations.

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Do You Need a Lawyer to File For Bankruptcy in Wichita, KS?

While it is legally possible to file for bankruptcy on your own (known as “pro se”), the process is complex and can be daunting. A lawyer provides invaluable guidance, ensuring you file correctly, understand all your rights, and maximize the benefits you receive from the process.

A knowledgeable bankruptcy attorney can help you decide if bankruptcy is right for you, determine which chapter is most appropriate, and help you with the means test. They can also provide advice on protecting your assets, managing creditor harassment, and understanding the long-term impacts of bankruptcy.

Mistakes in bankruptcy can lead to your case being dismissed, losing assets, or failing to discharge certain debts. With so much at stake, the expertise of an attorney is a valuable asset for most people.

Cost to File Chapter 7 Bankruptcy in Wichita, KS

Filing for bankruptcy is a significant decision, and understanding the costs associated can be crucial. Chapter 7, commonly known as liquidation bankruptcy, allows individuals to discharge most of their unsecured debts. The financial relief it provides can be invaluable, but there are costs to consider.

1. Court Filing Fees: As of my last update, the standard court filing fee for a Chapter 7 bankruptcy is $398. This fee is consistent across the United States, although it’s always wise to check for any recent adjustments.

2. Attorney Fees: While you can technically file for bankruptcy on your own, most individuals opt to hire an attorney to navigate the complexities of the process. In Wichita, KS, attorney fees for a Chapter 7 bankruptcy typically range from $900 to $1,700. This cost can fluctuate based on the complexity of the case, the reputation of the attorney, and specific challenges presented.

3. Mandatory Counseling: Before filing for Chapter 7 bankruptcy, individuals are required to complete credit counseling from an approved agency. After filing, a debtor education course is also necessary. Each of these courses costs around $55, although the exact price can vary.

4. Miscellaneous Costs: These may include costs for obtaining credit reports, which are vital for ensuring all debts are listed in the bankruptcy filing. There might also be additional fees for amendments to the bankruptcy documents or certain motions filed during the process.

While Chapter 7 offers financial relief, it’s essential to be prepared for these costs. Fortunately, the overall expense often pales in comparison to the debt relief received.

Cost to File Chapter 11 Bankruptcy in Wichita, KS

Chapter 11 bankruptcy, often associated with businesses but available to individuals, allows debtors to propose a plan to keep their operations running while repaying creditors over time.

1. Court Filing Fees: A Chapter 11 filing is notably more expensive in terms of court fees compared to other bankruptcy types. As of my last data, the fee stands at $1,938.

2. Attorney Fees: Given the intricacy of Chapter 11 cases, attorney fees are generally much higher. In Wichita, fees can start at $10,000 and escalate to hundreds of thousands of dollars, depending on the complexity of the debtor’s financial situation.

3. Administrative Fees: Unlike other bankruptcy types, Chapter 11 filers must pay quarterly fees to the U.S. Trustee Program based on disbursements.

4. Professional Fees: Due to the complexity of Chapter 11, other professionals such as accountants, appraisers, and financial advisors might be needed, adding to the costs.

5. Miscellaneous Costs: This includes expenses like public notices in newspapers, which are sometimes required.

Considering these costs, Chapter 11 is a significant financial undertaking, often making sense for larger businesses or individuals with complex assets.

Cost to File Chapter 13 Bankruptcy in Wichita, KS

Chapter 13 bankruptcy, also known as a wage earner’s plan, allows individuals with a steady income to develop a plan to repay all or part of their debts over three to five years.

1. Court Filing Fees: The filing fee for Chapter 13, based on my last known data, is $393.

2. Attorney Fees: In Wichita, KS, the fees for Chapter 13 typically range between $3,200 to $5,400. Some of this can be rolled into the repayment plan, easing the upfront burden.

3. Trustee’s Commission: There’s a fee based on a percentage of what’s paid through the repayment plan, which goes to the Chapter 13 trustee. This percentage varies but is capped at 10%.

4. Mandatory Counseling: Similar to Chapter 7, individuals must undergo credit counseling and debtor education courses, incurring fees for each.

5. Miscellaneous Costs: Costs might arise for tasks like obtaining credit reports or amending court documents.

Chapter 13 offers a way for individuals to keep their assets while restructuring and repaying debts, but being aware of these costs ensures a smoother process.

Reliable Bankruptcy Attorneys in Wichita, KS

Below is a list of reputable bankruptcy attorneys in Wichita, KS. They can help you with both personal and business bankruptcy information.

Kansas Bankruptcy Center

300 W Douglas Ave Ste 425, Wichita, KS 67202, United States

Prelle Eron & Bailey, P.A.

301 N Main #2000, Wichita, KS 67202, United States

Lazzo Law, Wichita’s Premier Bankruptcy Attorneys

3500 N Rock Rd Building 300, Suite B, Wichita, KS 67226, United States

Milby Law Offices, PA

300 W Douglas Ave STE 600, Wichita, KS 67202, United States

Wichita, KS Zip Codes We Proudly Serve:

67037, 67052, 67067, 67101, 67106, 67202, 67203, 67204, 67205, 67206, 67207, 67208, 67209, 67210, 67211, 67212, 67213, 67214, 67215, 67216, 67217

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