Bankruptcy Exemptions in Wichita
Property You May Keep When Filing for Bankruptcy
When you take advantage of Chapter 7 Bankruptcy, you agree to turn over the Bankruptcy Trustee your non-exempt property. Fortunately, you are allowed to keep whatever property is exempt from being taken under state law. Kansas law generously allows you to keep a wide variety of property, some of which is outlined here. If you have questions about property not mentioned here you are urged to contact a Kansas bankruptcy attorney.
Bankruptcy exemptiuons include:
- Homestead Exemption - You are entitled to keep 160 acres of farming land or one acre within the limits of a town or city or a manufactured home or mobile home.
- Household Goods - The furnishings, equipment and supplies including food, fuel and clothing in your possession are exempt.
- Jewelry - Your personal ornaments up to a value of $1,000.
- Vehicle - You may keep a vehicle up to a value of $20,000. There is no limitation on the value of a vehicle equipped to transport handicapped persons.
- Burial Plot - Your burial plot will be exempt.
- Business Equipment - You may keep business equipment and tools of trade including books, breeding stock, seed grain or growing plants stock up to a value of $7,500.
- Pension Money - Money you have received within the previous three months as your pension.
- Child Support and Maintenance - Finances obtained from child support or maintenance can be kept.
- Public Benefits - Public assistance, workers' compensation and unemployment benefits are exempt.
Veteran Kansas Bankruptcy Attorney Ready to Assist You
At the Kansas Bankruptcy Center we are available to answer your specific questions about what you may keep when you file for bankruptcy. We service the entire state of Kansas and have filed bankruptcies for people across Kansas. You do not need to come into our office to consult with us or to file your bankruptcy. The only trip outside your home that you would need to make is for a meeting of creditors in Wichita held one month after your bankruptcy filing.
Contact the Kansas Bankruptcy Attorney at the firm for questions about bankruptcy exemptions or to file your bankruptcy.