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Missouri Bankruptcy Information

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).

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, and Requiring individuals to pass an income test to qualify for Chapter 7 Bankruptcy.


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Chapter 7 and Chapter 13 Bankruptcy Help

The two most common consumer bankruptcies are Chapter 7 and Chapter 13, our sponsoring lawyers handle these types exclusively so you can be sure you are getting accurate legal advice when you file bankruptcy. Our Bankruptcy attorneys will fight to protect your rights and your property, fight the aggressive and annoying creditors for you, and they can help you keep your home, vehicles and other property.

A lawyer will be committed to getting you debt relief and providing you with valuable information, services and advice to get you a better financial future. There are many convenient locations to make filing bankruptcy or learning about the alternatives we offer, even easier.

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