Articles Posted in St Louis Bankruptcy

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

A lot of people have asked me this question over the years. Many have been led to believe that the filing of a St Louis bankruptcy will put them in a worse position than they are currently in. Or even worse, they’ve been told that such a filing would result in some heavy consequences. None of these claims are true. Below, I’ll discuss a few of the more frequent ones I hear about:

By far the most common worry amongst people filing for bankruptcy in Missouri is that by doing so, they will have ruined their chances of rebuilding their financial future. But the exact opposite is true. The government describes this process as a “fresh start / clean slate”. It is a chance to wipe the slate clean, start fresh, and rebuild. For instance, you will have an opportunity to rebuild your credit score by quite a bit within the first year after filing (people usually see a bump up in their score by about 100 points within the first twelve months). And certainly within a year and a half to two years after filing, your credit score is back where you want it to be. So it won’t happen overnight. But a lot quicker than most people believe.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

It depends largely on which type of St Louis bankruptcy you choose to file. The two main chapters are: Chapter 7 and Chapter 13. A brief description of each is offered below.

A St Louis Chapter 7 bankruptcy is commonly referred to as a discharge of unsecured debts (such as credit cards, medical bills, and payday loans). From the time such a case is filed to when you get your actual discharge from the court is usually about four (4) months in length. This is the average length, which means it is sometimes possible that the process could be drawn out longer. The main reason for the extra length is often a result of the Bankruptcy Trustee wanting additional documentation (bank statements, the fair market value of real estate, an explanation of how you spent your most recent tax refund, etc.).

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

There are a number of benefits that one receives from the filing of a St Louis bankruptcy. Many of those benefits are fairly obvious, but some can be a pleasant surprise. Listed below is the top five:

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

The contact and communication from creditors (and collection agencies) is supposed to stop the moment you file a St Louis bankruptcy. This is the rule of law by way of the Automatic Stay. This stay is discussed in more detail below.

When you file for bankruptcy in the state of Missouri, the court requires that you provide information on all of the debts that you owe (whether it is in the form of a credit card, medical bill, payday loan, old utility bill, or even a gym membership). Once the case is filed, the court will send out notification to all listed creditors on your matrix.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7 BANKRUPTCY

Yes, there are quite a few rules and regulations that govern collection agencies in this country. Specifically, they are regulated through the Fair Debt Collection Practices Act (FDCPA). This federal statute sets out the acceptable practices of the collection industry, and the penalties for any infractions thereof.

The FDCPA is basically a list of regulations that dictate how a collection agency may collect on a debt. Whether that collection activity is in the form of a letter, a phone call, a voice mail, a text message, and other activity, all third-party collectors are subject to these provisions.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

In 99.9% of all St Louis bankruptcies, the Trustee cannot take any of your household goods or jewelry. This is because your attorney will make use of certain exemptions to cover the value of those items. And more specifically, the “garage sale value” of the items in question.

When you file a bankruptcy in Missouri, you have a duty to disclose to the court the ownership of all your possessions and assets (no, “disclose” does not mean giving away everything to the court; it simply means that you must make the court aware of your possessions and assets; in other words, it wants to see a list of your stuff). Once the Bankruptcy Trustee has a chance to review this disclosure, then he or she can determine whether or not there is anything you own that can be liquidated (in other words, sold).

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$675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

Yes, it most certainly will stop a wage garnishment. Once the St. Louis bankruptcy is filed, the creditor is notified of this fact, and they will send a release to your payroll department. A more thorough explanation is given below:

A creditor may only obtain the right to execute a garnishment of your wages by way of a judgement from the court. In other words, a creditor can’t just decide to start taking money from your paychecks. They must first follow all the procedural steps that the court system requires. First, the creditor must file a lawsuit against you (usually it is described as a breach of contract). Second, you must be served with a summons to appear in court (this is the document that the sheriff or process server gives you at your home or place of work). Third, there must be a hearing on the matter before the judge. Fourth, the court must rule in favor of the creditor. And fifth, the creditor must file all necessary paperwork with the court to execute the wage garnishment (which is subsequently sent to your payroll department).

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

In all honesty, there is a bit of paperwork involved with the filing of a St Louis bankruptcy. But the documentation that your attorney will need is necessary in order to properly protect your legal interests. Below is a brief explanation of the documents that are needed:

  1. Regardless of which chapter of bankruptcy you file, it will be very important that your St Louis bankruptcy attorney receive any and all information related to your household income over the previous six (6) months. This information will in turn determine whether or not you qualify for a discharge in a St Louis Chapter 7. So any paystubs (for you and your spouse, even if he/she is not planning on filing with you) from full-time, part-time, or 1099 contract work; information related to governmental benefits (including unemployment security, Social Security (SSD and SSI), food stamps, etc.); child support; self employment (such as profit/loss statements from a business); and any other documentation that relates to household income.
  2. The most recently filed tax returns (both federal and state)
  3. Information related to all of your assets and belongings (for instance, we have a packet for you to fill out that asks questions about your real and personal property)
  4. And a list of all your debts (whether they are unsecured (like a credit card), secured (like a home loan), or priority (like back child support)

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ST LOUIS CHAPTER 7 FEES START AT $675

Yes, you can. But there is really one (very specific) scenario in which you can take advantage of something like this. And it depends on two main factors (described below).

If you start of by filing a St Louis Chapter 13 bankruptcy, the court does allow you to convert the case to a Chapter 7 at some point in the future. However, a few specific rules apply. To begin with, the federal rules state that if you have previously filed a Ch7, then you have to wait a full eight (8) years until you are eligible to file another one.

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ONLY $675 FOR A ST LOUIS CHAPTER 7

On many occasions, yes you will be able to keep it. But as always, it depends on a lot of factors. Those factors (the different kinds of circumstances that you can find yourself in) are briefly discussed below.

To begin with, it should be noted that a tax refund is considered to be like an asset like anything else that you own. And as such, the court considers it to be part of the bankruptcy estate (meaning that the Bankruptcy Trustee has the option of taking it from you). But whether you keep the refund depends greatly on what chapter of bankruptcy you file.

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