Will The Court Take All Of My Assets If I File A Kansas City Missouri Bankruptcy?


Not if you hire us!!  But seriously, this is a subject that is not often spoken about when it comes to a Kansas City MO bankruptcy.  Not enough attention is paid to this possible outcome, and as a result, folks can be taken aback by how easily someone can lose their belongings when they file.

In a Kansas City MO Chapter 7 bankruptcy, the main goal of the Trustee is to find any assets you own that have a lot of value, sell the item, and disperse the proceeds to your unsecured creditors.  This the basic deal you are cutting with the government:  the court will discharge all of your unsecured debts (credit cards, medical bills, payday loans, overdrawn bank account, old gym memberships, whatever…);  these debts will be knocked out forever, giving you an excellent opportunity to rebuild your financial standing (including your credit score);  but if you have an asset with a lot of equity (an item that you could theoretically sell right now to pay off your creditors), then the Bankruptcy Trustee will liquidate it for you. 


So if this the main goal of the Bankruptcy Trustee, then we figure our goal is just the opposite!!  We want to make sure your assets stay with you!  How do we accomplish this goal?  By making use of specific governmental “Exemptions”.  These exemptions basically cancel out any equity that might exist in your assets.  If there is no equity, then there is nothing for the Trustee to liquidate (and your assets remain safe).

Sounds pretty straightforward, right?  In a way, it is.  But only if you have been practicing bankruptcy law for several years!!  Because if you make use of the wrong exemption, the Trustee will object to that usage, and you could still lose the asset.  And this is why it is so terribly important to speak with an experienced Kansas City MO bankruptcy lawyer.  So please do get in touch with us as soon as possible!

At Brinkman & Alter, LLC, we want to make sure that you receive the very best bankruptcy services in all of the Kansas City Missouri area.  Our team will get you back on your feet, help to dramatically improve your financial standing, and put you in the best position possible for the future.  The attorney fees for a standard Kansas City MO Chapter 7 are $950.  But the initial consultation is free of charge!!

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