Chapter 7 Bankruptcy Attorney in Sunset Hills, Missouri
Chapter 7 is sometimes referred to as a complete bankruptcy or liquidation bankruptcy. There are a lot of factors that play into whether you qualify for Chapter 7 and whether it is in your best interest.
If you are burdened with unsecured debt, such as credit card debt, payday loans, and medical bills, your best option may be a Chapter 7 bankruptcy.
Will I Lose My Property in Chapter 7?
We will not file a Chapter 7 bankruptcy for you if, based on what you have disclosed to us, you will lose property that you want to keep. Declaring bankruptcy does not mean that you will lose everything that you own. However, not all your assets can be fully protected from liquidation. In Missouri, there are bankruptcy exemption rules that determine the properties and assets that you can protect when you decide to file bankruptcy.
Without bankruptcy exemptions, they would take everything you own and sell it to pay creditors. Some assets cannot be protected and these are categorized under non-exempt property. If you choose to file Chapter 7 bankruptcy, your court-appointed bankruptcy trustee will liquidate your nonexempt assets to pay off your debts from your creditor. As experienced Missouri Chapter 7 bankruptcy attorneys, we know how to use the exemptions to best protect your property.
At Doyel Law, we have been providing legal services to people who have or are going through bankruptcy for decades. For a free consultation about the Chapter 7 bankruptcy process, call us today at 314-909-9909.
Filing for Chapter 7
Bankruptcy laws may vary from state to state. In Missouri, there are bankruptcy rules that you need to follow when you file for bankruptcy. A reliable Sunset Hills bankruptcy lawyer can help you abide by the state laws to ensure the success of your bankruptcy filing.
When you file for bankruptcy, you are required to declare your financial records such as credit card debts, bank account statements, payslips, credit reports, and loan records. These documents will verify your assets and liabilities, debts, properties, living expenses, and income. As your bankruptcy attorney, it is important to ensure the accuracy of all the gathered information so that your bankruptcy case will be successful.
We strive to make that process as simple as possible and we will explain each item we need. At Doyel Law, we believe that you hired us to represent you in your bankruptcy petition. As part of this legal representation, we do not have long complicated forms to fill out. It’s as simple as you giving us the documents needed and we do the rest.
Once you turn in all the required information we will typically have your case ready to file in just a few days. At that time we will have a “filing review” meeting with you to go over in detail all the information and ensure that it is complete and accurate. At this meeting, we will provide you with all the documents to be filed so that you can read and sign everything. No surprises here. The key to a successful bankruptcy are honesty and accuracy.
After we know that the bankruptcy documents are accurate and complete, your case will be filed electronically with the court. As soon as the case is filed, everyone you owe money to should stop trying to collect from you. Filing for Chapter 7 bankruptcy puts into effect something called the “automatic stay.” The automatic stay immediately stops most creditors from trying to collect what you owe them. This means that the phone calls, garnishments, lawsuits, and foreclosure must stop.
How Do I Qualify for a Chapter 7 Bankruptcy Filing?
Not everyone qualifies for a Chapter 7 discharge. Before choosing the bankruptcy chapter to be filed, you must first pass the bankruptcy means test. You must also consider your monthly income and living expenses for you to know if your disposable income is enough to pay off debts. A seasoned Chapter 7 bankruptcy lawyer in Missouri can help you understand the significance of the means test in Chapter 7 bankruptcy.
In Chapter 7 bankruptcy, if the income of your family falls below the median income of Missouri, it means that you pass the means test. On the other hand, if the income of your family exceeds the median income, you may still be qualified to pass the means test after you deduct a list of the allowable living expenses.
How Do I File Chapter 7 Bankruptcy in Missouri?
Filing bankruptcy can be financially, physically, and emotionally draining. To ease the burden of bankruptcy filing, our credible bankruptcy attorneys in Sunset Hills can guide you throughout the step-by-step bankruptcy process and ensure the completeness and accuracy of your paperwork. Here are the steps in filing bankruptcy:
- Choose the best bankruptcy chapter for you
- Prepare all necessary financial documents
- Take a credit counseling course
- Fill out the official bankruptcy forms and file a complete paperwork
- Attend the 341 creditor’s meeting
- File a debtor’s education course certificate
- Receive your debt discharge
What Debts Are Discharged in Chapter 7 Bankruptcy?
A Chapter 7 bankruptcy will generally discharge your unsecured debts (such as credit card debt, medical bills, and unsecured personal loans). The bankruptcy court will discharge these debts at the end of the process, generally about four to six months after you start. A seasoned bankruptcy lawyer in Sunset Hills can help you determine whether your debts can be discharged in Chapter 7 bankruptcy. Some types of unsecured debts aren’t discharged through a Chapter 7 bankruptcy, including:
- Child support
- Student loans
- Some tax debt
- Homeowners association fees
- Court fees and penalties
Additionally, a Chapter 7 bankruptcy may discharge the debt you owe on secured loans. Secured loans are those backed by collateral, such as your home for a mortgage, or when a creditor has a lien on your property. However, even if the debt is discharged, the creditor may still have the right to foreclose on or repossess your property.
How Does Bankruptcy Affect Your Credit Score?
Bankruptcy allows you to repay your debts, restructure your finances, and aim for debt settlement. However, it has a huge impact on your credit score. This number indicates the level of your creditworthiness. A Chapter 7 bankruptcy can stay on your credit history for a full ten years.
As time goes by, the impact on your credit score will lessen. Your credit situation is not ideal but you can take advantage of the extra time to effectively manage your obligations and make on-time payments. You will have to be proactive and deliberate about the steps you take to rebuild your credit after your bankruptcy discharge has been granted.
Rebuilding credit requires a lot of hard work and patience to improve your credit score. The process can be complex, but it will surely be worth it in the end. You need to prove to creditors that you are still capable of making future payments for a loan or mortgage even after bankruptcy. A qualified Sunset Hills bankruptcy attorney can help you take small steps to rebuild positive credit history.
Hire a Chapter 7 Bankruptcy Lawyer Now!
Filing for bankruptcy may be one of the most significant financial decisions you’ll ever make. It is not easy to deal with financial problems without professional help. You don’t need to face creditors all by yourself. Your bankruptcy attorney can answer your questions about Chapter 7 and help you make more informed decisions, saving you time and money in the process.
Whatever the case may be, consult our experienced Sunset Hills bankruptcy attorneys at Doyel Law Firm and be knowledgeable about your rights and options. Our bankruptcy law firm will help you choose the best bankruptcy chapter for your financial problems, determine the perfect time to file, and save the assets or properties that you want to keep.