Lee’s Summit bankruptcy lawyer, Jeffrey Carey with BKTP Law Firm, has helped residents throughout the Kansas City area file bankruptcy since 1999. With his 20 years of experience, he has noted certain trends that apply to Lee’s Summit bankruptcy filings in particular.
Lee’s Summit is a relatively affluent city. It has 95,270 residents with a median household income of $83,601. There is a poverty rate, however, of 5.5% or approximately 5200 residents. Source. Additionally, wealth is no shield against bankruptcy. Too often, high earning individuals are over-leveraged and need help.
With a median home value of about $200,000 protecting home equity in bankruptcy can often be a challenge. Unlike states like Kansas, which has an unlimited bankruptcy exemption, Missouri has a meager $15,000 exemption. The presence of equity can lead your Lee’s Summit Bankruptcy Lawyer to counsel you to file for Chapter 13 bankruptcy rather than Chapter 7 bankruptcy. In a Chapter 7 bankruptcy, all of your assets are subject to liquidation to satisfy the claims of your creditors. In a Chapter 13, by contrast, you can propose a plan that will allow you to protect your non-exempt assets. A Lee’s Summit bankruptcy lawyer like Jeffrey Carey can help you develop strategies to protect more than the $15,000 exemption in home equity even in a Chapter 7, however.
A Chapter 7 bankruptcy is the most often filed chapter. In the first fiscal quarter of 2019 there were 1750 bankruptcies filed in the Western District of Missouri Bankruptcy Court. 1116 of those were Chapter 7 bankruptcies. Source. Lee’s Summit residents prefer Chapter 7 bankruptcies because they allow for an immediate discharge of all debts for those that qualify.
Qualification for Chapter 7 is dictated on disposable income and whether or not the Means Test can be satisfied. If you make more than the median household income for your county of residence, you are required to prove to the Court that you qualify for Chapter 7 bankruptcy. Lee’s Summit residents are more likely than others in Jackson County to need to address the means test. The median income in Jackson County as a whole is $39,277 while the median income in Lee’s Summit is more than double that amount.
Lee’s Summit residents also attend church at a much higher rate than in Jackson County as a whole. This makes hiring a Lee’s Summit bankruptcy lawyer that understands how to protect your right to tithe in bankruptcy can be very important. For a directory of Lee’s Summit churches click here.
Jeffrey Carey has been practicing since 1997 and has been in private practice in Lee’s Summit since 1999. He uses his decades of experience to ensure that you have the best possible experience while you get your fresh start. Set an appointment in his Downtown Lee’s Summit offices.
Jeffrey Carey – BKTP Law Firm
229 SE Douglas Street, Suite 210
Lee’s Summit MO 64063