Chapter 7 Bankruptcy Attorney in , Missouri
What is Chapter 7 bankruptcy?
What is Chapter 7 bankruptcy?
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00:04
the chapter 7 bankruptcy is your typical
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liquidation type bankruptcy i know that
00:09
sounds like a real scary word to a lot
00:11
of people because you’re thinking well i
00:13
don’t want everything i own liquidated i
00:14
don’t want them to come in to my home
00:16
and take and sell these things but
00:18
really what a liquidation bankruptcy is
00:20
the court taking a look and seeing it
00:22
what you have that’s not not already
00:24
protected by law and seeing if there’s
00:27
the ability to use those things to pay
00:29
your creditors now thankfully especially
00:31
in in kansas and missouri there’s
00:34
already laws that protect a lot of what
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you own um typically your retirement
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accounts protected a lot of times your
00:40
vehicle will be protected a lot of times
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your your equity and your home can be
00:43
protected so really what you’re doing
00:46
essentially
00:47
is is going through the process of the
00:49
liquidation but a lot of times what
00:52
happens is you’ll walk out of that case
00:55
having not lost anything but been able
00:57
to discharge your debts now there is
00:59
some
01:01
uh inquiry by the court uh as one would
01:04
assume and
01:06
that is typically not difficult and
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that’s why we can walk you through that
01:10
process but there’s a lot of disclosure
01:12
and things like that in the process of
01:15
of going through the liquidation you
01:17
just need to open yourself up to the
01:19
court and our firm helps you do that um
01:22
by opening up yourself to the court what
01:24
i really mean is is just showing
01:26
your financial life
01:28
to the bankruptcy court
01:30
and the good news is
01:32
is that typically by the time that you
01:34
might come see us or by the time that
01:37
you provided all the documentation you
01:39
really just need to show up and answer
01:41
some questions we’ve done the process of
01:43
showing the court and telling the story
01:46
of of what’s happened that you need to
01:47
file bankruptcy the typical situation
01:51
for someone needing to file bankruptcy
01:52
is really there is no typical situation
01:54
the laws are typically the same for
01:56
everyone but a lot of different things
01:58
will lead someone to come see us um
02:02
sometimes someone’s been in a medical
02:03
emergency sometimes someone’s gone
02:05
through a divorce sometimes someone has
02:08
lost a job or lost income in their
02:11
household
02:12
especially throughout the pandemic we’ve
02:14
seen that other times
02:16
someone has
02:18
had to take on more household expenses
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for instance someone might be taking
02:23
care of their grandchildren someone
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might be caring for an elderly or
02:28
disabled
02:30
child or parent there’s a lot of things
02:33
that can happen to regular people
02:35
that can lead them to coming to see us
02:37
and needing to file a chapter 7
02:39
bankruptcy
Kansas City, KS bankruptcy attorney Hunter Gould explains the process of Chapter 7 bankruptcy.
