Bankruptcy Lawyer in Lee’s Summit Helps Save Your Retirement
March 9, 2022
Need a bankruptcy lawyer in Lee’s Summit to help you figure out the best solution for your difficult financial situation? If you are having money problems and are considering filing for bankruptcy, contact Jeff Gedbaw at the Gedbaw Law Firm, LLC. Serving clients in Lee’s Summit, Overland Park and the Greater Kansas City Metro area, our firm can help you determine if bankruptcy is right for you.
Even people who manage their money carefully can experience financial hardship. It can strike at any time. Things like a sudden job loss, unexpected emergency medical expenses or a natural disaster can negatively impact your finances, leaving you with debts that you cannot pay. Consumer bankruptcy filings have been on the decline since 2007. Still, thousands of Americans go through this process every year. As an experienced bankruptcy lawyer in Lee’s Summit, Jeff Gedbaw has the experience and knowledge to help you navigate through the process.
There are two types of bankruptcy. Under Chapter 7 bankruptcy, you are able to completely discharge debts, meaning that those debts never have to be repaid. Under Chapter 13 bankruptcy, some debts may be repaid over a specified time period at lower payment rates than previously.
Financial problems can be extremely stressful, especially if you can’t see a way out. Many people don’t even consider bankruptcy, because they erroneously believe that filing means you will lose everything: your house, your car, and even your retirement fund. This is simply not true. Under bankruptcy, certain of your assets may be protected from loss. Things like your home and car can also be secured so that you don’t have to surrender them unless you choose to. Just like these assets, retirement accounts are largely protected under Federal Bankruptcy laws.
An experienced bankruptcy lawyer in Lee’s Summit can help you determine what assets can legally be protected. Assets secured by bank loans, such as your car payment or mortgage, would still require you to make payments in order to retain the property. But if you find yourself “upside down” in your car loan (where it is worth far less than you owe on it) you can surrender it and clear the debt if you wish.
If you would like to learn more about your options under bankruptcy, contact the Gedbaw Law Firm, LLC at (816) 379-5329 for a free consultation. Jeff is licensed to practice in both Kansas and Missouri and can also represent you in Federal bankruptcy court if required. We offer the best in expert legal counsel, with the care and compassion you deserve. Don’t wait for wage garnishments or other legal action to get help. Call us today!