Bankruptcy Attorneys in Missouri
If you live in Missouri and you're considering bankruptcy, please read on. Whether you are interested in Chapter 7, Chapter 13 or a bankruptcy alternative, a local bankruptcy attorney in Missouri can walk you through the process every step of the way. Filing bankruptcy can have long term financial repercussions and should not be done with out consulting a Missouri Bankruptcy Attorney. A Missouri Bankruptcy Lawyer will help you analyze your debts and assets, answer your bankruptcy questions and determine if you can file Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.
Complete the free confidential bankruptcy case review and an attorney from a Missouri law firm that deals exclusively in consumer debt will contact you to discuss your possible case.
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Chapter 13 Bankruptcy in Missouri
Due to the Bankruptcy Abuse Prevention and Consumer Act (BAPCPA) of 2005, many individuals will now be unable to file Chapter 7 Bankruptcy in Missouri and will instead be forced to file Chapter 13 Bankruptcy. Filing Chapter 13 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 in Missouri. Chapter 13 is not a liquidation of your assets so you may be able to keep you home and other possessions. In addition, filing bankruptcy like Chapter 13 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 attorney who can help you file all the appropriate bankruptcy schedules and petitions and also help you develop your bankruptcy repayment schedule. Remember, bankruptcy lawyers are knowledgable and well versed in bankruptcy law and make the whole process smoother. 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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Chapter 7 Bankruptcy in Missouri
Chapter 7 Bankruptcy is a liquidation bankruptcy and will allow you to discharge all or most of your unsecure debt with in four to six months. In Missouri, unsecured debt may include: hospital bills, credit card debt and unsecure personal loans.
A trustee is assigned to your bankruptcy case and will sell your non-exempt possessions and use the proceeds from the sale to pay your creditors. All creditors will be paid in the order they are assigned under federal bankruptcy law. If you do not have any assets your bankruptcy will be a "no asset" bankruptcy. Corporations, couples, partnerships and individuals all may be eligible to file Chapter 7 Bankruptcy in Missouri.
The first step in filing Chapter 7 Bankruptcy is to contact your Missouri Bankruptcy Attorney who can help file all the correct bankruptcy forms including the schedules, petitions and Statement of Financial Affairs which will outline all of your debts, assets, income, expenses, property, and creditors. This is a timely task and is handled easier if with the help of an experienced bankruptcy lawyer in Missouri.
In Missouri bankruptcy, Chapter 7 is considered the most popular, least expensive and simplest type of bankruptcy. Unfortunately, in recent years bankruptcy laws have been updated to make it more difficult to qualify to file Chapter 7 Bankruptcy. With the Bankruptcy Abuse Prevention and Consumer Act (BAPCPA) of 2005, there have been some updates to bankruptcy law to encourage individuals to repay most or all of their debts by filing a Missouri Chapter 13 Bankruptcy. The main changes enacted by the BAPCPA include:
- -Requiring individuals to take a credit counseling course prior to filing bankruptcy
- -Requiring individuals to take a financial management course prior to the discharge of your debt
- -Requiring individuals to pass an income test to qualify for Chapter 7 Bankruptcy
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Passing an Income Test to File Chapter 7
Individuals who plan on filing Chapter 7 Bankruptcy must pass an income test. If you live in Missouri, the income test will compare your median income to other Missouri residents. If your median income is lower than other Missouri families (of similar size), you may be able to file Chapter 7 Bankruptcy. If your income is higher than other Missouri residents, you will have to pass additional means testing.
The goal of means testing is to determine if you have enough income after deducting your expenses to pay your debts. The means test will subtract certain expenses (house payment, car payment, child support, taxes owed and school tuition- up to $1650) from your gross income. If the amount remaining allows you to pay $6,000 or $100 per month toward your debt over the next 60 months, you may not be able to file Chapter 7 Bankruptcy. If you can not do this, but you could pay up to 25% of your disposable income toward debts over the next 60 months, you may not be able to file Chapter 7 Bankruptcy in Missouri.
Means testing can be complicated and the information offered above is very general in nature and should not be considered legal advice. It is important to talk to a Bankruptcy Attorney in Missouri to determine if you can file Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.
State median data is provided by the United States Trustee Program. For the State of Missouri, after March 15, 2009, the median income for a single wage earner is $39,563 and for a family of two it is $51,612. For a family of three it is $58,473 and for a family of four it is $70,363.
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Missouri Bankruptcy Attorneys
Following is a list of bankruptcy attorneys who practice law in Missouri. To contact one of these attorneys, please complete our free case evaluation form or call 800-859-0844
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Gladstone Law Office of Susan Bratcher 2601 Kendallwood #100 Gladstone, MO 64119 |
Map & Directions Call Now: 800-859-0844 Contact for your Free Evaluation |
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St. Louis John C. Schleiffarth, P.C. 75 W. Lockwood Ave. St. Louis, MO 63119 |
Map & Directions Call Now: 800-859-0844 Contact for your Free Evaluation |
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Related Pages
Means Test: as defined in our Bankruptcy Glossary
Missouri Bankruptcy Law Information:
Need to File Bankruptcy in Missouri?
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