How Do I Get Advice for Filing Chapter 13 in Missouri?

In Missouri, Chapter 13 bankruptcy is an option for those who qualify. This form of bankruptcy provides protection for individuals who are struggling to meet financial demands, but who do have an income. Unlike Chapter 7 bankruptcy, this form of bankruptcy requires a monthly payment be made to the bankruptcy trustee until required debts are paid down. Learning more about this form of bankruptcy in Missouri is important before considering whether or not it is right for your unique situation. Hiring an attorney is often the best route to take to do that.

Gathering Bankruptcy Information

Missouri Chapter 13 bankruptcy is a big decision. For some, it may be best to use Chapter 7 instead, since it offers a faster and often times more complete form of getting out of debt. Nevertheless, each situation is very unique. Take into consideration these Missouri bankruptcy laws and how they fit within your situation.

• Discuss the benefits of filing Chapter 7 bankruptcy with your attorney. Specifically, determine if filing bankruptcy is possible. Individuals will need to pass a means test and ensure their income is under the state's median family income, which is $39,504 for single earners and $51,385 for two wage earners.
• Consider how to protect assets in Missouri. The state offers an $8000 exemption for a home or $1000 for a mobile home, though two filers owning the same property can double this if both are filing bankruptcy. Consider other exemptions for property protection. If most or all of your property is protected under these exemptions, filing Chapter 7 may be a better route to take.
• Keep in mind that Chapter 13 bankruptcy protects those who have sizable assets. However, if you can devote at least 25 percent of your income to paying down your debt, you may not qualify under Missouri laws. Your attorney can offer further guidance.

Overall, filing Chapter 13 bankruptcy is an option many have. For those who need more information, consult an attorney. For non specific information about bankruptcy or to obtain the necessary documents to file bankruptcy in the state of Missouri, simply contact the local bankruptcy court.

Hire an Attorney

Even if you are not sure about whether you should file Missouri Chapter 13, talk to an attorney. Many offer free consultation services, which makes it easy to learn as much as you need to about bankruptcy before filing. Ask specific questions about your particular case.