Missouri Bankruptcy Facts
Did you know that bankruptcy was originally used as a tool for creditors to get debtors to pay them what they owed? These days, it has evolved to become a method to help debtors overcome their debt and can be filed voluntarily. If you have any questions about bankruptcy or believe that it may be an option for you, it’s time to contact one of our acclaimed bankruptcy lawyers for assistance so you can be on your way to obtaining debt relief.
Our featured attorneys have been helping debtors to emerge from their financial struggles successfully for years and will do the same for you. Whether you have accrued credit card debt or owe money to the IRS, our experienced bankruptcy lawyers will take care of everything regarding your case, from completing paperwork to calling collection agencies, so you can be stress AND debt free.
A life without creditors constantly harassing you can be yours and we are here to make sure you attain it.
What is Bankruptcy?
Bankruptcy is a federal process that can be used by both individuals and businesses when debts become unmanageable. There are several chapters to choose from, and depending on the one that is chosen, debt can either be significantly lowered or possibly even eliminated altogether. If you are struggling with business expenses, mortgage payments, medical costs, or any other type of unsecured debt, bankruptcy can help you get back on your feet again.
There are two main chapters filed in Missouri by debtors, which are Chapters 7 and 13. Chapter 7 can be sought by either individual or business debtors and can completely wipe out debt by liquidating your assets. Chapter 13 reorganizes your debts so they can be lowered and so you can pay back your creditors while on a payment plan. Each chapter has its own pros and cons, but before you can go ahead and petition the court, you must find out if you are eligible.
How the Process of Filing for Bankruptcy Protection in Missouri Works
The first thing that must be done in a Missouri bankruptcy case is to determine whether you actually qualify. You will have to undergo what is called a means test to check if your income is below the average for a family of your size in the state. If you pass, you are automatically eligible to file for Chapter 7 bankruptcy, but if not, there are other options that are available. Your bankruptcy lawyer can still help you qualify for Chapter 7, but you can also choose to file Chapter 13 instead if you are an individual seeking debt relief and have enough working income.
There are times when debtors can qualify for both petitions, making things even more confusing. But not to worry, the process of filing for bankruptcy protection can be quick and simple when an experienced Missouri bankruptcy lawyer is on your side.
Working with a Missouri Bankruptcy Attorney
Many debtors become confused when trying to figure out which chapter they should file or whether they even qualify to begin with. Bankruptcy lawyers in Missouri know the ins-and-outs of the Bankruptcy Code and will take care of everything for you form reviewing your income to actually completing all the necessary paperwork so the best course of action can be taken.
Whether you owe a few thousand dollars to creditors or are facing millions of dollars in business debt, when you have one of our featured attorneys working on your case, you can rest assured your financial burdens will be lowered as much as possible.
Speak to one of our skilled Missouri bankruptcy lawyers today to discuss your best options to obtain debt relief.