Because the Bankruptcy Code makes it clear that if you are an above-median household, and you are filing a Missouri or Illinois Chapter 13 bankruptcy, then you have to commit to a five (5) year plan. Other situations allow for varying lengths of time, but that is the general rule.…
Yes, you can. But there are certain details that you must first be sure of before you file so that you know for sure if those assets will be safe. This is why it is so very important to hire an experienced attorney who knows the ins and outs of…
No, that is not true at all. There is no debt total that you must reach in order to qualify for a Missouri or Illinois bankruptcy. All that is necessary is your decision, based on all the information that you have attained on the subject, to file the petition for…
That is an excellent question. But the answer may surprise you. To begin with, the area of law that regulates what a debt collector can and cannot do when they attempt to collect on a debt is the Fair Debt Collection Practices Act (FDCPA). This is a federal statute that…
Then they have clearly broken the law. This is a somewhat common tactic used by some debt collectors in their (not so noble) attempts to get money out of you. It is a shame that such tactics are resorted to, but it happens all the time. The problem, of course,…
No, they may not speak direct to someone other than yourself (or your attorney) without your express permission. And if they do, they are in violation of the law. The Fair Debt Collection Practices Act (FDCPA) is a federal statute that regulates what a collection agency can and cannot do…
No they cannot. And if they do, they are in violation of federal law. The body of law that regulates what a collection agency can and cannot do in their attempts to collect on a debt is the Fair Debt Collection Practices Act (FDCPA). This statute lays out with specificity…
Only certain kinds of debts are paid back in a St. Louis Chapter 13 bankruptcy. These would include mortgage arrearage (in other words, the amount of money you have fallen behind on your house payments), car loans, tax debt, back child support, and sometimes a portion of your unsecured debt…
That depends on which type of creditor you are speaking with. Different rules apply for the original creditor and collection agencies. It may very well be that the one of them (or both) has violated your rights. When you fall behind on your debts, the creditor will no doubt start…
Yes, it does. And depending on how quickly you get your Missouri or Illinois bankruptcy filed, you can actually prevent the creditor from taking any action at all (so as to avoid any money being garnished from your pay checks). The filing of a bankruptcy is accompanied by what is…