No, it does not affect your ability to file for bankruptcy protection in either Missouri or Illinois. But in terms of full disclosure, the cases would need to be identified clearly on your bankruptcy schedules so that the Trustee is made aware of it. Once this disclosure is made, it…
Yes and no. This happens to be one of those situations in which a ‘yes and no’ answer is appropriate. There are very specific rules concerning joint debt between a married couple. So if you are planning on filing a Missouri or Illinois bankruptcy, this is a great blog post…
This is one of the more common things I hear from clients. And it makes sense: if you are dealing with large sums of debt, collection agencies are calling you night and day, and you can’t seem to figure out how to manage your finances, things can get pretty stressful.…
Then they are lying to you. Because they don’t have a warrant, nor do they even have permission to sue in the first place. But then these are exactly the types of things that are blatant violations of the law. The area of law that dictates what a debt collector…
Immediately. Most people believe that it will take many, many years before they can ever again enjoy anything like a decent credit score after filing for a Missouri bankruptcy. But the exact opposite is true. In most cases, an individual can begin to see upward movement of their credit rating…
No, they cannot. This would be a clear violation of federal law. The area of law governing this particular subject is the Fair Debt Collection Practices Act (FDCPA). This federal statute regulates what a collection agency can and cannot do when they attempt to collect on a debt. Section 804(5)…
This is nothing to panic about. You can always add a creditor later. Of course, getting everyone thrown in the first time is the easier way of going about things. But the court recognizes that you may end up forgetting a debt that will need to be included at a…
The answer to this question, unfortunately, hinges a great deal on your own personal feelings about the subject of bankruptcy. I have heard many people tell me (with absolute conviction) that people who file for bankruptcy are the very individuals who are bringing the country down, because they are irresponsible…
Yes, it does. In fact, that is the threshold question in determining which chapter of bankruptcy you might qualify for. The rules are very precise on this question, but as always, finding the right attorney who understands this specialized area of law is invaluable. To begin with, it should be…
Yes, you can. So long as you file a Missouri Chapter 13. In a St. Louis Chapter 7 bankruptcy, you are not able to get rid of a second (or junior) mortgage. But even if you qualify for a Missouri Chapter 7, it is still a good idea to look…