A trustee is entitled to liquidate your non-exempt assets and distribute the proceeds to your unsecured creditors. The majority of consumer cases are "no-asset" cases where the debtors do not lose any property.
Usually takes 4 - 6 months
To be able to file a chapter 7, your income must be lower than the Kansas median income or you must pass the "Means Test" to establish eligibility.
Sometimes referred to as a "wage-earner" bankruptcy
Lasts 3 - 5 years
The debtor makes a monthly payment to the trustee and the trustee distributes the funds pursuant to a plan proposed by the debtor and approved by the court.
Allows debtors the opportunity to catch up on mortgage and car payments if you're behind.
Allows debtors to "cram down" an older car loan to pay only the value of the car rather than the balance on the loan.
Additional debts can be discharged like debt owed as part of a property settlement in a divorce (this is different than maintenance or child support), retirement plan loans, and fines from a governmental unit, but not criminal fines.
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