Yes, you can. And sometimes that is the best decision to make. Especially if the home is completely underwater (i.e. there is absolutely no equity, and in fact, the amount you still owe is far more than the fair market value of the house), the monthly payments on the house…
When you file for bankruptcy, the court imposes something called the ‘automatic stay.’ The automatic stay is the protective shield that the court wraps around you after you have filed. It protects you against your creditors trying to collect on the debts that you previously owed. This means they can…
There certainly are some major differences between the two types of bankruptcies that an individual or married couple may file. But the end goal is always the same: Getting rid of as much debt as possible, and keeping all of your assets safe. A St. Louis Chapter 7 bankruptcy is…
Yes, you can. More often than not, people who have outstanding debts will have collectors calling them at all hours of the day and night. Their calls can be excessive, their tactics can be rude, and their demeanor can be quite aggressive. And frequently, the collectors will contact friends, family,…
When you file a Missouri bankruptcy, the court will officially discharge (i.e. knockout) your unsecured debts. The federal government of the United States (by way of the US Constitution) preserves this right, and gives the court system the legal authority to do so. The US Congress may from time to…
Well, it depends on what your intentions are regarding the underlying property (which in the case of real estate taxes is of course the house you live in or use as rental property). If you choose to keep the property, then yes, you will have to make good on any…
The answer to that question is a resounding YES!! Most people with whom I meet all believe the same thing at the initial consultation: That filing for bankruptcy will signal the end of times, and that they will never be able to do anything ever again. That bankruptcy may get…
No, you aren’t able to do that. All unsecured debts (like credit cards, medical bills, payday loans) must be included in a bankruptcy. In fact, not disclosing these debts could be considered fraudulent (because the court may view such an act as unfair to your other creditors who have been…
I’m often asked this question from people who have had a friend or relative who has filed for bankruptcy in the past. They wonder why it is that for some people, it is necessary to pay back their debts, while others only have to pay back a small percentage (or…
Not if you are in a St. Louis Chapter 13 bankruptcy. The court is very clear when it comes to taking on new debt like a credit card; you simply cannot do it. The reason for this is pretty simple: If you are in a repayment plan to pay back…