Kansas laws generally protect your home, car, wedding ring, household furnishings and work tools in bankruptcy. So what is not exempt in Kansas? What do you lose when you file bankruptcy using Kansas exemptions?
The most common property taken from debtors by Kansas bankruptcy trustees is tax refunds. The tax refund for the year you file bankruptcy is pro rated by the day of the year on which you filed your petition. For example, if you file bankruptcy on October 15, 2007, it is the 288th day of the year. That means 288/365ths of your 2007 tax refunds, which you will received in the spring of 2008, are property you will lose to your bankruptcy trustee.
Other common examples of property not exempt using Kansas exemptions are cash, bank accounts, stocks, savings bonds, boats, campers, motorcycles, guns, time shares and vacation clubs, cameras, and sporting goods.
Your bankruptcy lawyer will go over your property with you and determine what can be exempted and what cannot. This is a complex area of law requiring a bankruptcy attorney’s expert advice. People who attempt to file bankruptcy without an attorney, frequently lose property because they do not claim the exemptions they are entitled to.
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