Grear Law, P.A.

Bankruptcy

The Pathway to Debt Relief

Today's economy is taking a toll on almost everyone. People throughout Kansas and Missouri are feeling it. People who have never had problems with debt are now being pushed to the brink as prices keep rising, wages stagnate, and jobs disappear.

If you've gotten caught in the quicksand of today's economy, you might feel hopeless. There is hope. Bankruptcy is still an option, and for many, is the quickest and easiest way to eliminate debt and rebuild credit.

Getting Out of Debt - Legal Solutions

If you are saddled with credit card debt, medical bills, or other kinds of debt, I can help get you on track financially, and put this tough time behind you. Filing for bankruptcy can help you to:

• Discharge Debt: A debt discharge eliminates most or all of your debt. It is designed to give you a fresh financial start.
• Stop foreclosure: Bankruptcy can stop foreclosure proceedings on your home and give you an opportunity to catch up on missed payments. (It can not, however, eliminate mortgages or other liens on your property without payment.)
• Stop collectors: From garnishing wages, harassing you with phone calls, and similar debt collection tactics.
• Keep the lights on: Filing for bankruptcy can restore or prevent termination of utility services.

If you choose to file bankruptcy, I am here to help. I will help you determine whether chapter 7 or 13 would be best for you, attend all meetings and court hearings with you (letting you know what to expect at every step), and personally handle each and every aspect of your case.

The road to debt relief is not as bumpy with an compassionate bankruptcy lawyer on your side. I will put my legal experience to work for you, helping you put your debts behind you and restore your credit.

Should you consider Bankruptcy? Some factors to consider:

- Are you in economic distress-you are having trouble making minimum payments; you are barely making ends meet and providing for essentials like food, clothing and shelter.

- Are you living paycheck to paycheck, and just one visit to the doctor exhausts your savings.

- Are you judgment proof? I mean, do lack assets like a home, vehicle, bank account, or job, that can be seized for payment of your debts.

- Are you being harrassed by creditors? Bankruptcy can stop that.

- Are you facing foreclosure? Chapter 13 is an effective means to stop foreclosure, allow restructuring of your debts, and payment of the past-due mortgage payments over a three to five year period.

What debts Bankruptcy will not discharge

-Taxes, and tax penalties; Child Support; Criminal fines; Court-ordered Restitution in Criminal cases; Court-ordered personal injury restitution in Civil cases when the debtor was intoxicated; Debts not listed in the Bankruptcy petition; and Student Loans (except in very rare circumstances).

This list is not exhaustive but covers the more common exceptions.

PLEASE DO NOT DO THE FOLLOWING! Even with the best of intentions, some things people do BEFORE filing a bankruptcy case can be serious mistakes, and cause serious problems obtain the financial relief they want and need.

1. Excessive use of credit cards :

Once you have made your decision to file a bankruptcy petition, stop using your credit cards, but continue to make the minimum monthly payment, if possible. Charges for luxury goods and services owed to a single creditor, totalling more than $500.00 within 90 days of filing, are presumed to be nondischageable and an abuse of the bankruptcy process. Cash advances totalling more than $750.00 for all creditors within 70 days are also presumed to be nondischargeable and thus may be found to be due and owing. Don't jeopardize your "fresh start" by running up your credit cards.

2. Paying back family members :

Your family members may be creditors if they loaned you money. Unfortunately, you cannot treat your family members any better than you would any other creditor with regards to repaying debts. In fact, a bankruptcy trustee can reclaim any amount repaid to a family member within one year of filing bankruptcy.

3. Closing out retirement accounts :

Retirement accounts are generally fully protected. In bankruptcy, you can usually eliminate your debt and keep whatever you have in a retirement account, free and clear. Some people dip into their retirement funds in a futile attempt to pay down credit card debt. Don't jeopardize your future by doing this.

4. Transferring or conveying property (selling or giving it away, especially to a relative) :

A bankruptcy trustee can undo a transfer of property that previously belonged to you. This can occur if the transfer was not fair market value or if the trustee can prove the transaction was done to hinder, delay or defraud a creditor orall of them.

5. Taking a second mortgage :

Don't take a loan against your real estate in an effort to reduce the equity. You can often file bankruptcy and not lose your home. Further, if you take out a second mortgage to pay credit card debt, you may be putting your house at risk, and you will be incurring even more debt that you can not afford.

6. Failing to appear in court :

Do not assume that you can avoid a lawsuit simply because you are planning to file bankruptcy. A collection action continues until your bankruptcy case is actually filed.

If you are out of financial options, you are putting your family's assetts and future at risk, and you are subjecting yourself to daily stress and worry, Bankruptcy may be the relief you need.

Are you thinking about filing for chapter 7 or 13 bankruptcy? Contact me today online or by phone at 913-764-1513 for answers to your questions. I serve clients in Kansas City, Miami County, and all across Kansas and Missouri.

Grear Law, P.A. 100 E. Park Street, Suite 6 Olathe, KS 66061-3463 Telephone: 913-764-1513 Fax: 913-829-0151 Map and Directions E-mail us

GrearLaw, P.A., provides legal representation to clients in the Kansas City Metropolitan area, including Kansas City, Kansas and Kansas City, Missouri, Leavenworth, Olathe, Overland Park, Shawnee, Leawood, Lenexa, Westwood, Bonner Springs, Edwardsville, Mission, Roeland park, Fairway, Independence, Liberty, Lees Summit, Platte Wood, Gladstone, Platteville, Louisburg, Osawatomie, and Wellsville, as well as the counties of Johnson, Miami, Wyandotte, Jackson, Clay, Cass, Platte, Franklin, and Douglas.

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