Filing Chapter 13 Bankruptcy in Missouri
Due to the Bankruptcy Abuse Prevention and Consumer Act (BAPCPA) of 2005, many individuals will now be unable file Chapter 7 Bankruptcy and will instead be forced to file Chapter 13 Bankruptcy. Chapter 13 Bankruptcy does not discharge your debt immediately. Under Chapter 13 Bankruptcy you will be required to construct a bankruptcy repayment schedule to repay all or most of your debts. The bankruptcy plan will take from three to five years complete and have your debts discharged.
There are some benefits to filing Chapter 13 Bankruptcy. Chapter 13 Bankruptcy is not a liquidation of your assets so you may be able to keep you home and other possessions. In addition, filing bankruptcy may help you stop certain wage garnishments and end harassing creditor calls.
If you are considering filing Chapter 13 Bankruptcy, you will need to talk to your Missouri Bankruptcy Attorney who can help you file all the appropriate bankruptcy schedules and petitions and also help you develop your bankruptcy repayment schedule. A trustee will be appointed by the bankruptcy court to manage your repayment plan. Creditors are not legally allowed to contact you if you are under Chapter 13 Bankruptcy protection (there may be exceptions for debt collection for non-dischargeable debt).
There are certain assets outlined by federal bankruptcy law which are not part of the bankruptcy process. These assets are called exemptions and they are protected from your creditors. Exemptions are defined by federal bankruptcy laws, but some states have constructed their own bankruptcy exemption list.
Certain states will allow you to choose either the federal bankruptcy exemptions or the state bankruptcy exemptions. Other states will require you to use only the state bankruptcy exemption list. In the state of Missouri you can not use the federal bankruptcy exemptions but must choose the State of Missouri Bankruptcy Exemptions.
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