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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

There are many misconceptions about filing for bankruptcy in St Louis. Most of these come from the creditors themselves (they obviously have an incentive to try and convince you not to file). But many of the misconceptions originate as half-truths, and are then passed down from one person to the next (and with each successive re-telling, the story gets bigger and bigger). Below I’ll discuss the three most common misperceptions about bankruptcy that I hear:

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

The chances of you losing a major asset such as a house or a car in a St Louis bankruptcy depend on a number of factors. But a good attorney knows how to avoid such an outcome. An experienced lawyer is going to understand the types of situations in which such a thing could happen. And a firm that knows all the pitfalls of the bankruptcy world will make sure that you do not lose a thing when you file.

To begin with, the only time you would really stand to lose an asset is in a St Louis Chapter 7. This type of bankruptcy is described as a liquidation / discharge. The discharge side of the equation is pretty straightforward. All of your unsecured debts (like credit cards, medical bills, payday loans, etc.) are knocked out forever (you’ll never again have to worry about those debts, because the federal government will discharge them).

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

The Bankruptcy Code makes clear that you can only file a St Louis Chapter 7 every eight (8) years. But even if such a period of time has passed since the last time you filed a case, you still have to qualify via the Means Test. The timeframe and Means Test are discussed below.

As mentioned above, you may file a Ch7 every eight years. So if you filed a Chapter 7 in 2011, the next time you would be able to move towards such a filing again would be some time in 2019. However, there is the Means Test that must be dealt with as well.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

Yes, you certainly can. And sometimes filing jointly with your spouse makes the most sense (especially if you owe joint debts together). Of course there are different factors that need to be taken into consideration when making this decision, the only way to truly understand your full range of options is to meet with an experienced St. Louis bankruptcy lawyer.

If you are married, then you have the option of filing your bankruptcy jointly with your spouse. Or on the other hand, you can file individually. One of the main considerations that someone should take into account when deciding whether or not to file jointly with their spouse is if joint debt is owed between the two of them. For instance, if you and your spouse jointly own several credit cards together (or loans, or any other type of unsecured debt), then a joint bankruptcy filing would probably make the most sense.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

Yes, you will. The filing of a St Louis bankruptcy will not prevent you from purchasing a home in the future. Although it makes sense to hold off on that kind of a purchase. The reason for why is explained below:

Filing a bankruptcy in St Louis will make your life a lot easier in a variety of ways. No more nasty phone calls from creditors and collection agencies. No more worrying about how to come up with the monthly payments (when you still have to put food on the table). No more staying up late at night wondering how you are going to make everything work.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

I get this question a lot, and I know what the person is trying to ask me. But it’s important to point out something (so that there is no misunderstanding of the way things work). When you speak about someone’s “record,” you are talking about their criminal background history (like when a potential employer runs a background check to see if you have been convicted of any crimes). But the filing of a St Louis bankruptcy is not a crime. And it does not go on your “record.”

But it will show up on your credit report. And the current rules state that a bankruptcy filing shall remain on your credit report for ten (10) years. For a lot of people, this sounds kinda scary. “Oh my god! It will stay on my record for ten years?!” (And then I explain that it’s not their record, but their credit report).

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

Yes, there a few debts that are described as non-dischargeable. In other words, they are considered to be debts that the court will not knock out. And the reason why the court will not get rid of them is because there is a certain law or public policy that prevents them from doing so.

For example, back child support cannot be discharged. So if you are in arrears to either the state or to the other parent directly, then you would still have to make arrangements to pay those debts if you file a St Louis Chapter 7 (or the arrearage would be paid back over a period of years in a St Louis Chapter 13).

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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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