That depends on your specific circumstances. It is possible that, because of your particular situation, hiring a debt consolidation company makes more sense than filing for bankruptcy. However, there are several precautions that you should be made aware of before going that route. To begin with, it is understandable why…
Not at all. Being gainfully employed and earning a regular salary is not a hindrance to filing a Missouri bankruptcy. Indeed, most people have a job when they file (and in some cases, depending on which chapter of bankruptcy you file, it is quite necessary that you have a job).…
No, it is not necessary that you have accrued a certain amount of debt before filing for bankruptcy. Some people have tens of thousands of dollars in credit card debt, several more thousand in medical bills, and a few hundred in payday loans. Of course, that doesn’t necessarily mean that…
No, you do not. In fact, you can be completely current on all bills before filing for bankruptcy. Nor is there any limitation as to how much debt you carrying before deciding to file. In other words, there is no set amount of debt that you must first accumulate before…
Yes, they can. But let’s back up for a moment and examine why this could be the case. When you purchase a car, you enter into a basic financing agreement (unless you buy the car outright, in which case the former owner simply transfers title to you). This agreement lays…
Yes, you can. But it’s not a good idea. Transferring property to someone else can easily turn into a situation in which the person to whom you transferred will end up owing the Trustee a great deal of money. Let’s look at an example of how this could play out:…
Yes, you can. But it is highly unadvisable. Representing yourself in any legal action (even if you are an attorney) is one of the worst mistakes you can make. Why? Because there are just too many pitfalls into which you can sink, and you won’t even be aware of the…
The answer to this question depends on which chapter of bankruptcy you file. The bankruptcy code makes it clear that there are certain time periods and provisions for every petition that is filed. And if those rules are not followed, it is possible that whatever chapter you ended up filing…
Simply put, it is the shield of protection that the bankruptcy court surrounds you with after you file for bankruptcy. It stops creditors from coming after you, or calling you, or from trying to collect on your debts. It also prevents any further legal action against you that the creditor…
Yes, but only if the creditor has secured a judgment against you. In other words, a creditor cannot just arbitrarily reach into your bank account and stow away with all your cash whenever they want. Of course, the creditor may very well threaten you with such an action when they…