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Welcome to Wichita Bankruptcy Lawyers.com
Did You Know?
There are defined legal debtor rights
Debtor-creditor law governs situations where one party is unable to pay a monetary debt to another. While you have an obligation to pay your bills on time, there are laws to protect your rights if you should find yourself being pursued by a debt collection agency.
Our Wichita Bankruptcy Lawyers
can help you set your assets in order and take care of all the
files and red tape associated with bankruptcy in a smooth and efficient
manner.
Bankruptcy can be a devastating blow to an individual, a small
business, or a multi-million dollar corporation. The allocation
of funds, audits, creditor claims, and claiming of assets
may be too much for the staff of one corporation to handle, let
alone a single individual.
Bankruptcy, as far as the US Federal Bankruptcy Code is concerned,
is the process undergone when a business or individual seeks relief
from their debts. The Federal Code Law provides for the development
of a plan that allows a debtor, who is unable to pay his creditors,
to resolve his debts through the division of his assets among his
creditors. The proceedings involved in invoking bankruptcy are supervised
by and litigated in the United States Bankruptcy Courts. The Bankruptcy
Code provides that creditors must stop all collection efforts against
the debtor, and allows the debtor to organize his assets and settle
his debt and credit accounts in a feasible manner.
Federal bankruptcy laws also manage how private or commercial companies
go out of business or recover from crippling debt. A bankrupt company,
the "debtor," might use Chapter 11 of the Bankruptcy Code
to "reorganize" its business and try to become profitable
again. Management continues to run the daily business operations
but all significant business decisions must be approved by a bankruptcy
court.
How Are Assets Divided in Bankruptcy?
Secured Creditors - often a bank is paid first.
Unsecured Creditors - such as suppliers and bondholders,
have the next claim.
Stockholders - owners of the company have the last claim on
assets and may not receive anything if the secured and unsecured
creditors' claims are not fully repaid.
What can our Wichita
Bankruptcy Lawyers do for you?
Research all laws (recent verdicts, changes in legal doctrine)
related to Wichita bankruptcy
Who Files for Bankruptcy?
Audio, RM, 32 Kbps, 3:52, 7/26/2002
John Ydstie talks with Teresa Sullivan, co-author of The Fragile Middle Class, about the characteristics of people who file for bankruptcy. Sullivan says most Americans filing bankruptcy are solidly middle class and have either just lost a job, gotten sick or injured, or gotten divorced. Sullivan is vice president and graduate dean of the University of Texas in Austin. Source: National Public Radio
Wichita External Sites
US Bankruptcy Court - Kansas
Information for the general public and legal professionals about the rules, procedures, and administration. USBC - Kansas Locations
Wichita, KS. 67202 (316) 269-6486, 240 US Courthouse 444 SE Quincy Topeka, KS. 66683 (785) 295-2750, 161 US Courthouse 500 State Ave. Kansas City, KS
New Bankruptcy Law 2005
Beginning on October 17, 2005, most individual debtors filing for bankruptcy relief were required to complete either Official Bankruptcy Form B22A ... Read more >
Definition:
An agent of the U.S. Department of Justice appointed to assist in bankruptcy cases. The U.S. Trustee administers many of the duties of the court including appointing committees.
Skeleton filing
Definition:
Term used at bankruptcy courts to describe a bankruptcy filing in which not all the necessary forms have been filed. Certain courts allow a case to commence if only certain important forms are filed so long as the balance of required forms are forthcoming within a certain period of time.
Automatic stay
Definition:
The suspension of actions, such as debt collection or foreclosure, against the company in bankruptcy. Occurs automatically when the bankruptcy petition is filed.
If you live in the following cities and need a Bankruptcy attorney you should contact
our Bankruptcy Attorney as soon as possible:
Derby
Dodge City
Emporia
Garden City
Hays
Hutchinson
Junction City
Kansas City
Lawrence
Leavenworth
Lenexa
Liberal
Manhattan
Newton
Olathe
Overland Park
Pittsburg
Prairie Village
Salina
Shawnee
Topeka
Wichita
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Did You Know?
US Bankruptcy Court - Kansas