Missouri Bankruptcy Lawyer
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In the state of Missouri, nearly 35,000 bankruptcy filings occur each year as businesses and individuals regularly find themselves in impossible financial situations. Across the U.S. overall, bankruptcy is a common occurrence, especially in these troubled financial times. For some, bankruptcy protection may be the right answer. If you\'ve been considering whether bankruptcy is right for you, it might be in your best interest to contact a qualified Missouri bankruptcy lawyer in order to discuss all your options.
Bankruptcy can be defined as the legal inability to pay debts, and technically speaking, it\'s the state of having been legally declared bankrupt. If you are looking for bankruptcy protection, it can sometimes be a confusing and frustrating process, due to the various types of bankruptcies allowed by law. It is highly recommended that you hire a bankruptcy lawyer or attorney to help you with your case – especially if you own a business and have valuable assets.
A Missouri bankruptcy lawyer or attorney will be well-versed in Missouri bankruptcy laws, including statutes, codes, and exemption laws, and they will discuss the different types of bankruptcy with you. The most common types of bankruptcy are Chapter 13 and Chapter 7, although other kinds may apply, especially if you have a complicated financial circumstance. Your attorney will help you decide which form of bankruptcy will most benefit you. There may be other solutions, as well. Your attorney will also discuss these alternatives to bankruptcy with you, since he or she will also be well-educated in the various forms of debt management.
Chapter 7, which is known as "liquidation bankruptcy," is a good choice for those who have no real assets to protect. Under Chapter 7, people are only be required to liquidate assets that are not exempt by law, such as vehicles that are under $2,775. Items that are not exempt will be sold, in order to pay off a portion of the debt, and the rest will be permanently discharged.
Chapter 13 is commonly referred to as a "wage earner's plan." This allows you to pay off debt over 36-60 months, according to a court-approved repayment plan. This allows you to catch up on your mortgage, and does not require you to sell your home to pay your creditors. If housing foreclosure and overwhelming credit card debt is a daily stress, Chapter 13 could be your solution. This allows you to establish a repayment plan over 3-5 years, all while letting you catch up on your mortgage and keep your home. You can stop harassing phone calls, collection letters and wage garnishments from occurring. This is a great option for people with a steady income who are unable to get ahead. It allows them to keep their homes during the time of the repayment and "catch up" period.
Once a Missouri bankruptcy lawyer or attorney has explained your options, they will oversee your case from beginning to end. In some situations, the individual or business will go before a Missouri judge in order to work out a payment plan. They may have a partial or full discharge of their debt, depending upon their income and their assets. In some cases, all debts are discharged.
Keep in mind, however, that if you file for bankruptcy in the state of Missouri, your credit will be negatively affected for up to 10 years. A bankruptcy lawyer or attorney will explain the risks to you during your consultations.
So, you have made the decision to file bankruptcy, a Missouri bankruptcy lawyer or attorney will help you explore your options for debt relief, and begin your journey to financial freedom. Visit the American Bar Association (ABA) website for more information regarding bankruptcy counsel in Missouri. The ABA website also features a free lawyer locator, which allows the user to search bankruptcy lawyer profiles in Missouri.
Legal•Info State Bankruptcy Information
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