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Bankruptcy law is a legal process designed to help individuals and businesses get relief from overwhelming debt while providing a fair process for creditors to be repaid. In Missouri, bankruptcy cases are primarily handled through the federal court system, as bankruptcy is governed by federal law under the United States Bankruptcy Code. However, certain aspects such as exemptions, qualification requirements, and property definitions can vary at the state level. Missouri residents seeking bankruptcy protection have specific state rules and regulations to consider alongside federal law.
Filing for bankruptcy is a complex process with significant financial and legal consequences. Here are some common situations where legal help may be necessary:
An experienced bankruptcy lawyer can help you choose the right type of bankruptcy, avoid costly mistakes, navigate court procedures, and maximize your protections under the law.
While bankruptcy is a federal process, several state-specific laws and rules affect how bankruptcy operates in Missouri:
The two most common types are Chapter 7, which allows for liquidation of assets to pay off debts, and Chapter 13, which involves a repayment plan over three to five years. There are also provisions for Chapter 11 (business reorganization) and Chapter 12 (for family farmers and fishermen).
Missouri law protects certain amounts of equity in your home and car through exemptions. If your equity is within the exemption limits, you can generally keep these items. If the equity exceeds the exemption, the asset could potentially be sold to pay creditors in a Chapter 7 case.
A typical Chapter 7 bankruptcy can be completed in three to six months. Chapter 13 cases last between three and five years, depending on the terms of your repayment plan.
Yes, once you file for bankruptcy, an automatic stay goes into effect which stops most collection actions, including phone calls, lawsuits, wage garnishments, and foreclosures.
Most unsecured debts, such as credit card bills and medical expenses, can be discharged. However, some debts, such as student loans, certain taxes, alimony, and child support, are typically not dischargeable.
Married couples can file jointly or separately. A joint filing may make sense if both spouses are liable for significant debts, but it is not required that both file together.
Bankruptcy will be listed on your credit report for up to ten years for Chapter 7 and up to seven years for Chapter 13. Although it will impact your credit, many people can qualify for new credit and begin rebuilding their financial health soon after discharge.
You are not legally required to have a lawyer, but bankruptcy law is complex and mistakes can be costly. A lawyer can help ensure your paperwork is correct, your exemptions are maximized, and all procedures are properly followed.
Yes, debts such as child support, recent tax debts, most student loans, debts from fraud, and court fines cannot usually be discharged.
The court filing fee for Chapter 7 is currently $338. For Chapter 13, it is $313. Attorney fees are additional and vary depending on the complexity of the case and the attorney you hire.
If you need more information or assistance with bankruptcy in Missouri, consider these resources:
If you are considering bankruptcy or facing creditor actions, start by gathering information about your debts, assets, income, and expenses. Schedule a consultation with a qualified bankruptcy attorney in Missouri who can help evaluate your options and walk you through the process. Remember to complete required credit counseling from an approved agency before filing. Keep records of all communications regarding your debts and avoid transferring or selling assets unless you have consulted with a legal professional. Acting promptly and with good guidance can help you protect your rights and work toward a fresh financial start.
