Times are tough. This economy has left many good, hard working people with more bills than they can handle. Layoffs, medical issues, and general bad luck have caused countless people to have to struggle to make ends meet. If your bills are piling up without any hope of paying them all, we can help! The law provides good people like yourself with an opportunity for a financial fresh start through bankruptcy. By filing bankruptcy, you can end those debt collections, stop wage garnishments, and get yourself free from the stress of stacks of bills. Call us today at (573) 243-8463 for a free consultation to find out more.
No! Bankruptcy and state law provide certain exemptions that allow a debtor to keep certain amounts of property. For most of our clients, we are able to help them keep everything.
Not if you don’t want to. If you are up to date on your loan payments, you may enter a “reaffirmation agreement” to continue your payments. There are also instances where we may be able to negotiate lower payments and interest rates on your loan. If your vehicle is worth more than you owe on it, you may still be able to keep your vehicle, but you might be required to pay a certain amount to the bankruptcy trustee to keep it. Most of our clients do not need to pay any additional amount to keep their vehicle though.
Yes. We understand that times are tough for a lot of folks these days, so we are willing to work with you on a payment schedule that fits your needs. We require a payment of $200, which is applied toward the total fee, to be considered retained and to speak with your creditors, so they stop contacting you. The rest of the fee may be paid in installments up to six months.
Yes, bankruptcy lowers a person’s credit score by 100 points on average. However, this might actually be a better effect on your score than defaulting on loans and having numerous late payments, depending on your situation. Also, not having high debt amounts might help your credit score improve.
Yes! Call us now at (573) 334-5376 to schedule an appointment for a free consultation. We would be happy to discuss your situation, whether you qualify for bankruptcy, and whether there are better options for you than filing bankruptcy.
Bankruptcy law allows most of a person’s debts to be removed (discharged), so that they no longer have to pay them. Payday loans, credit cards, medical bills, past due rent, car loans (if you do not keep your vehicle, mortgages (if you do not keep your house), past due utility bills and personal loans can usually all be discharged! There are a few types of debts that cannot be discharged though, including child support, unfiled taxes or taxes filed in the past three years, student loans, and judgments based on fraud.
Our up-front attorney fee for filing a Chapter 13 is $1000, plus a $310 filing fee required by the court. The additional part of our total fee (which is set by bankruptcy district rules, not us) is paid later as part of the repayment plan.
A typical Chapter 7 bankruptcy takes 12-15 weeks for completion. The first step is to call us for a free consultation. After we have met with you and discussed your situation, we require that you fill out a workbook to make sure all of your debts are reported correctly and that you receive a successful bankruptcy. After you have completed your workbook and submitted all required information and paperwork, we can usually have the petition prepared within 2-3 business days (possibly sooner in emergency situations) and have you come back to sign your petition. After your signing appointment, we can usually get the petition filed within 1-2 business days if all required information was available at the time of signing. After your petition is filed, you will receive your date for the “meeting of creditors,” also known as a 341 Hearing. After your 341 Hearing, it is another 8-12 weeks before your discharge is entered and your case is closed. In total, a typical bankruptcy takes 12-15 weeks after you complete your workbook
- Completing a workbook we will supply to you, listing financial information
- Completing a credit counseling course. It can be done online, by phone, or in person.
- Attending the 341 Hearing/Meeting of Creditors
- Completing a financial management course. Available online, by phone, or in person.
As soon as you retain our services, with a minimum payment of $100 which is applied toward the total fee, you can start informing all creditors that you have retained our firm and give them our contact information. Often they will then stop contacting you. By law, they are required to stop calling you once your bankruptcy is filed. They sometimes will continue contacting you, but if they do so they may be subject to penalties and we will quickly contact them to force them to stop..
- Automatic Stay: Once you file for bankruptcy, the law provides what is known as an “automatic stay.” This requires creditors to stop trying to collect debts, including any phone calls, letters, and garnishments.
- Chapter 7 bankruptcy: Known as a “straight bankruptcy,” Chapter 7 bankruptcies allow a person to remove all of their dischargeable debts.
- Chapter 13 bankruptcy: Known as a “repayment plan,” Chapter 13 bankruptcies allow you to repay debts over a period of 3-5 years, stop home foreclosures and stop penalties and late fees on taxes and other debts. You may also be able to discharge unsecured debts if your income level qualifies.
- Discharge: The discharge is when the court completes your bankruptcy case and legally declares that your qualifying debts no longer exist, no longer have to be paid, and are discharged.
- Reaffirmation Agreement: If you wish to keep property that you owe money on, such as an automobile or home, you may continue the debt by signing a reaffirmation agreement.
- Redeeming/Redemption: If you owe more money than an item is worth (such as owing $20,000 on a vehicle worth $10,000), you may “redeem” the item, which means you purchase it back at the current fair market value.
- Secured Creditor: A creditor that you owe money to on a loan secured by collateral. These creditors are usually car loans, trailer loans, and mortgages.
- Unsecured Creditor: A creditor that you owe money to that is not secured by any property. These are the majority of creditors and include credit cards, medical bills, and payday loans.