Articles Posted in St. Louis Chapter 13 Bankruptcy

ONLY $300 UPFRONT ATTORNEY FEES FOR A ST LOUIS CHAPTER 13

More often than not, an individual (or married couple) will file a St Louis Chapter 13 because he/she has no choice. In other words, it is the most viable option, or the court will not allow him/her to file a Chapter 7. Below is a brief description of some examples:

If you are facing a home foreclosure (or a car repossession), the Chapter 13 makes the most sense. It will stop the creditor from moving forward with the foreclosure (or repossession) and get you into a repayment plan (spread out over a number of years) so that you can come current. This plan will hopefully make it easier for you to keep your assets.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

The biggest single difference between the two chapters of bankruptcy is that a St Louis Chapter 13 is described as a repayment plan over the course of three (3) to five (5) years during which certain debts are paid back. There are some qualifying criteria to get into a St Louis Chapter 7, but the Ch13 is almost always available. A brief description below gives you information about the two chapters:

Most people want to file a Ch7. Which is understandable, because it is a total discharge of your unsecured debt (such as credit cards, medical bills, payday loans, old gym memberships, etc.). But in order to qualify for a Ch7, you must cross two hurdles: 1) you pass the Means Test; and 2) you have not filed a Ch7 within the last eight (8) years.

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ONLY $300 UPFRONT ATTORNEY FEES FOR A ST LOUIS CHAPTER 13

The biggest difference between the two chapters of bankruptcy is that a St Louis Chapter 7 is a straight discharge of unsecured debts (like credit cards, medical bills, and payday loans), and a St Louis Chapter 13 is described as a repayment plan over the course of three (3) to five (5) years (during which certain debts are paid back). But there are a lot more differences between the two than just this. Below is a brief description.

Even assuming you qualify for a Chapter 7 (which depends almost entirely on whether or not you are above or below the median income level for your particular household size), it sometimes makes more sense to file a Chapter 13.

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There are several reasons why someone would file a St. Louis Chapter 13 bankruptcy. Most of the reasons are out of pure necessity (in other words, you don’t have much choice). But there are also a few set of circumstances in which someone might choose a Ch13 over a Ch7.

ONLY $300 FEES UPFRONT IN A ST LOUIS CHAPTER 13

To begin with, a Missouri Chapter 13 is described as a repayment plan over the course of three to five years during which certain debts are paid back (such as mortgage arrearage, car loans, tax debt, back child support, and possibly a portion of your unsecured debt). A few primary reasons why someone files a Chapter 13 would be because your car has been repossessed (and you want to get it back). Or if your home is about to go into foreclosure (and you want to prevent that from happening). Or if creditors have judgements against you, which have resulted in wage garnishments (and you want them taken off). These are typical reasons for why someone might find the Ch13 to be the best option.

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The general rule is that you cannot incur new debts while you are inside of a St. Louis bankruptcy. Most of the time, this rule applies to a St Louis Chapter 13. But there are some exceptions to this provision.

ONLY $300 UPFRONT ATTORNEY FEES FOR A ST LOUIS CHAPTER 13 BANKRUPTCY

A Missouri Chapter 13 is described as a repayment plan over the course of three (3) to five (5) years. During this period of time, certain debts are paid back. These debts would include things like mortgage arrearage, car notes, back child support, tax debt, and sometimes a portion of your unsecured debts (like credit cards and medical bills). But as you can see, the idea is to get you caught up on your debts (and not to take out new ones).

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The primary way in which you stop a home foreclosure is by filing a St. Louis Chapter 13 bankruptcy. Such a filing will stop the foreclosure sale, and put you into a sensible repayment plan to get caught up on the arrearage (i.e. the amount that you have fallen behind on).

When you fall behind on your monthly mortgage payments (because of the loss of a job, or your hours were cut, or the bank increased your loan payments), your lender will eventually move towards a foreclosure. In the past (pre-2008), when you fell behind by about three payments, the bank would start the process. But since 2008 (which is to say, since the beginning of the Great Recession), banks and mortgage lenders are allowing people to go many months before they begin the foreclosure process.

But either way, the bank will eventually seek to remedy the situation by foreclosing on your loan (which in turn allows them to sell your house to the highest bidder). Once you receive the foreclosure notice (which will undoubtedly by send via certified mail), you will have approximately thirty (30) days in which to act. If you take action before the sale date, then there is a chance to save your home with a St. Louis bankruptcy.

No, you will not have to surrender you tax refund every year for the rest of your life!! But depending on which chapter of bankruptcy you file, there is a possibility that you may have to turn over a portion of your current refund. Let me explain:

In a St. Louis Chapter 7 bankruptcy, a tax refund becomes an issue if it is large. By large, I mean anything over $2,000. Some people anticipate a refund of four, five, or six thousand per year. If this is the situation, then it depends greatly upon when you actually file your bankruptcy petition. For instance, if you were to file a Missouri Chapter 7 in December, and you anticipated a tax refund of $5,000, then it is going to be very likely that the Trustee will demand that you turnover to him most of that refund (the Trustee will then disperse those funds to the unsecured creditors that are due to be discharged in your case).

But if it is March when you file your St. Louis Chapter 7, and you have already spent the tax refund (on necessities, like household expenses, bills, and/or car repairs), then there will be nothing that the Trustee can take from you. So as you can see, it depends greatly on when you file your Chapter 7. Sometimes a tax refund can be an issue, and other times its no issue at all. It is all in the timing of when you file your case.