Which Type Of Bankruptcy Do I Need?

At The Law Offices of Tracy L. Robinson, LC, we have more than 25 years of experience with issues relating to bankruptcy. Day after day, our attorneys put that experience to work for residents of Kansas and Missouri who are looking to get out of debt.

Federal bankruptcy law gives consumers a number of rights and opportunities when it comes to debt relief through bankruptcy. In particular, the Bankruptcy Code offers individual consumers four different types of bankruptcy filing, each suitable for a different situation.

Chapter 7: Liquidation

Under Chapter 7 bankruptcy, consumers can experience relatively swift debt relief by liquidating some of their assets and using the proceeds to pay off a portion of their debt. This sort of debt relief is generally available to debtors who have a lower median income than the average in their state.

Chapter 13: Payment Plan

Under Chapter 13 bankruptcy, consumers follow a court-approved payment plan that repays a portion of the consumer’s debt to his or her creditors. This payment plan usually takes between three and five years to complete, but once it is done, the consumer will be freed from most debts. This option is usually available to people who have a steady, regular income.

Chapter 11: Reorganization

Chapter 11 was originally designed for the reorganization of a large business, but the process is available to consumer debtors with considerable assets as well. Chapter 11 bankruptcy can be quite complicated; individual consumers should seek out the advice of a lawyer before attempting to file.

Chapter 12: Family Farmer Or Fisherman

Chapter 12 bankruptcy is similar to Chapter 13 bankruptcy, except that it is only available to commercial fishermen and family farmers. It has very restrictive eligibility requirements, but those who do qualify will find that the process has a certain number of extra benefits available to them.

Contact Us For Bankruptcy Help

If you are suffering from overwhelming debt, contact The Law Offices of Tracy L. Robinson, LC. We can examine your financial situation to determine the best ways for you to eliminate your debt and start over with a clean slate. We have convenient office locations in downtown Kansas City, Lee’s Summit and Zona Rosa. We offer free consultations to all prospective clients throughout Missouri and Kansas and the option of installment payment plans. For a free consultation, contact us or call us at 816-842-1317.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.