 |
 |
 |
 |
|---|
 |
 |
 |
|---|---|---|
 |
 |
 |
 |
 |
 |
|---|---|---|
 |
 |
 |
 |
Filing Bankruptcy Chapter 7 in Missouri: A Comprehensive Guide
Filing for Chapter 7 bankruptcy in Missouri can be a daunting process, but understanding the details can help you navigate it more effectively. This guide outlines the key aspects of Chapter 7 bankruptcy, including eligibility, process, and its pros and cons.
Understanding Chapter 7 Bankruptcy
Chapter 7 bankruptcy is often referred to as 'liquidation bankruptcy.' It involves the sale of a debtor's non-exempt assets to pay creditors. In Missouri, this process can discharge most of your unsecured debts.
Eligibility Criteria
To qualify for Chapter 7 bankruptcy in Missouri, you must pass the means test, which compares your income to the state median. If your income is below the median, you may be eligible. Otherwise, further calculations are required.
The Filing Process
- Gather financial documents and complete credit counseling.
- File a petition with the Missouri Bankruptcy Court.
- Attend a 341 meeting with creditors.
- Complete a financial management course.
- Await discharge of debts.
For those considering alternatives, exploring chapter 13 bankruptcy louisiana might offer different options.
Pros and Cons of Chapter 7 Bankruptcy
Advantages
- Debt Relief: Discharges most unsecured debts, giving you a fresh start.
- Speed: Typically completed in 3-6 months.
- No Repayment Plan: Unlike Chapter 13, there is no need to create a repayment plan.
Disadvantages
- Asset Loss: Non-exempt assets may be sold to pay creditors.
- Credit Impact: Stays on your credit report for up to 10 years.
- Eligibility Restrictions: Not everyone qualifies due to the means test.
For those outside Missouri, learning about the process in other states such as chapter 7 bankruptcy indianapolis could provide useful insights.
FAQs
What assets can I keep when filing Chapter 7 in Missouri?
Missouri allows you to keep certain exempt assets, such as a portion of your home equity, personal property, and retirement accounts.
How often can I file for Chapter 7 bankruptcy?
You can file for Chapter 7 bankruptcy again eight years after a previous Chapter 7 filing.
Will all my debts be discharged in Chapter 7 bankruptcy?
No, certain debts like student loans, child support, and most taxes are typically non-dischargeable in Chapter 7 bankruptcy.
Chapter 7 bankruptcy in Missouri is the go-to option for many people who need to get their bankruptcy done quickly. The entire process usually takes a handful ...
Chapter 7 bankruptcy costs $338. You can ask the court if you can make the payment in up to four installments over 120 days, but it's a good ...
(see Missouri Bankruptcy Court Directory) Most Chapter 7 filings involve no non-exempt assets, however, if you filed for Chapter 7 and do have non-exempt ...
