Articles Posted in St Louis Bankruptcy

ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

There are some debts that are described as “non-dischargeable”. Delinquent child support is example of a non-dischargeable debt. In other words, a St Louis bankruptcy will not get rid of the amounts you owe towards back child support. Other examples of non-dischargeable debts would be most tax debts (although there is a loop hole in that rule that can be taken advantage of, assuming you qualify) and student loans (however, there is a possibility of getting student loans knocked out in certain circumstances).

However, there is a chance to file a St Louis Chapter 13. This type of bankruptcy is described as a repayment plan over the course of three (3) to five (5) years, during which certain debts are paid back (such as back child support).

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

Yes, it will. For instance, a St Louis Chapter 7 will discharge the debt associated with a creditor that had sued you. A description of how the process works is provided below (along with examples in which such a debt cannot be discharged):

Let’s say you have a credit card that goes delinquent after a period of time. The credit card holder will call you day and night, but eventually they will sue you for breach of contract (or hand it over to a debt collector who will also eventually sue you). Once the creditor receives a judgment against you, it can then turn around and garnish your wages, levy your bank accounts, and put liens against your property.

But if you were to file a St Louis bankruptcy, that debt will be taken care of completely (either by way of a complete discharge in a Ch7, or a consolidation plan in a St Louis Chapter 13). The filing of bankruptcy will stop the creditor’s efforts to move against you (which means that a potential wage garnishment would have to come a halt).

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

When you file a St Louis bankruptcy, your assets are kept safe and protected by way of “exemptions” that the state of Missouri provides. These exemptions do just what the name implies: they exempt your possessions (i.e. keep them out of the bankruptcy estate). This in turn ensures that those assets will be safe (and stay in your possession).

Let’s look at a specific example: say you own a lot of costume jewelry. This jewelry is in the form of earrings, necklaces, bracelets, and other formal wear. Your St Louis bankruptcy lawyer will ask you to provide garage sale value for these items. In other words, not the value that you personally hold for them (like sentimental value), or what you originally paid for them.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

It depends on a couple of factors: 1) did the divorce court judge order that you had to pay the debt? 2) which chapter of St Louis bankruptcy are going to file? A brief description of how these factors play out is provided below:

Let’s assume for this example that the debt in question is a credit card that you and your ex-spouse jointly owned. If the divorce court judge ordered as part of the divorce decree that you pay the joint debt, then the bankruptcy court will not discharge that particular debt in a St Louis Chapter 7 bankruptcy. The main reason for this rule is because the bankruptcy court would consider to joint credit card to be in the nature of “support” and therefore non-dischargeable.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

Yes, a St Louis bankruptcy will get rid of such debts. Medical and hospital bills are unsecured debts (much like credit cards and payday loans). And they are therefore dischargeable in a St Louis Chapter 7 bankruptcy (and very frequently in a St Louis Chapter 13).

The cost of medical care in this country has stabilized a bit since the introduction of the Affordable Care Act (commonly referred to as “Obamacare”), which means that the upward trajectory of medical bills for people has at least not gone up as quickly as it has in the past.

But nevertheless, medical debt is still a huge concern for many millions of Americans. So much so that just one procedure can essentially put you in the poor house. And that’s even when you have decent health insurance!!

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

In a St Louis bankruptcy, it is vitally important to make sure that secured and unsecured debts are handled properly. The main difference between the two is that a secured debt has some sort of asset attached to it as collateral (such as a mortgage attached to a house, or a car note attached to an automobile), and an unsecured debt does not. Below is a more thorough discussion:

Filing for bankruptcy involves a process of dealing with your debts. For instance, in a St Louis Chapter 7, all unsecured debts are discharged (i.e. knocked out forever). Examples of unsecured debts would include credit cards, medical bills, payday loans, old gym memberships, etc. This is the most significant attribute of a Chapter 7.

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Over the years, I’ve had a lot of people ask some questions about how a St Louis bankruptcy works. Most of the questions are straightforward and on point. But I’ve also received questions from individuals that show there is a lot of confusion about how the bankruptcy process works. Below is a small list that I have complied:

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

Nope, not at all. In fact, quite the opposite. Getting rid of your unsecured debts (like credit cards, medical bills, payday loans, etc.) by way of a St Louis bankruptcy will strengthen your credit score over a relatively short period of time. A brief description of the reason for this follows:

Let’s say you’ve got a ton of debt (10K or more of credit cards, 5K or more of medical bills, 2-3K in payday loans). And your monthly minimum payments on all of these is somewhere in the neighborhood of about $700. A lot of people in this situation will take out new credit cards just so that can make a payment on the old ones (a literally “robbing Peter to pay Paul” scenario).

And the reason why most people find themselves in this jam is not because they were careless with their money. It’s not because they spent too frivolously, and made really bad choices. And it sure as heck isn’t because they’ve been going on multiple vacations each year on a credit card.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

No, you usually do not lose the tools of your trade when you file a St Louis bankruptcy. Most of the time, those items are completely protected (by way of federal exemptions). So your hammers, screws, saws, and other basic items can be kept safe. A more thorough explanation is given below:

To begin with, when you file for bankruptcy the court requires that you list out all of your assets. When most people think of an asset, they imagine big-ticket items like real estate or an automobile. But the court and/or Bankruptcy Trustee is also interested in learning about your bank accounts, cash on hand, household goods, clothes, jewelry, and (if applicable) the tools you own to do your job.

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