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Bankruptcy laws are predominantly federal in the United States, including St. Louis, where such matters are handled by the U.S. Bankruptcy Court - Eastern District of Missouri. The law aims to assist individuals, families or businesses confronting overwhelming debt to rebuild their finances under the protection of the bankruptcy court. The two most common types of bankruptcy that individual debtor may file are Chapter 7, which involves liquidation, and Chapter 13 bankruptcy, which sets up a repayment plan over a period of three to five years.
Bankruptcy law is complex and navigating through all of its intricacies can be overwhelming. An experienced bankruptcy attorney can help by explaining your options, evaluate if bankruptcy is the right course of action, guide you through the process, represent you in court, and help you comprehend the long-term impacts of filing a bankruptcy. If you're dealing with business bankruptcy, a lawyer can advise on how to keep the business operating whilst taking necessary steps.
Though bankruptcy law is primarily federal, some local rules and regulations in St. Louis interact with the process. Notably, you'll have to consider Missouri's exemptions which determine what property you can keep while undergoing bankruptcy. Another factor is the means test, which estimates your eligibility for Chapter 7 or Chapter 13 filing based on your income, expenses, and family size relative to the Missouri median.
No, some debts such as child support, alimony, certain taxes and student loans usually cannot be discharged in bankruptcy.
A Chapter 7 bankruptcy will typically remain on your credit report for 10 years, while a Chapter 13 bankruptcy is usually removed after 7 years.
Keeping your home or car in a bankruptcy depends on several factors including the type of bankruptcy filed (Chapter 7 or Chapter 13), the exemption laws in your state, and whether you are current on the payments.
For Chapter 7 bankruptcies, you must wait at least eight years from the date of your previous filing. For Chapter 13 bankruptcies, you can file again after two years.
Bankruptcy filings are public records, however, typically, your employer wouldn't know about the bankruptcy unless you owe them money and they receive a notice from the court, or you have a Chapter 13 plan that requires payments to be deducted from your wages.
You can seek further information from resources such as the American Bankruptcy Institute, the National Association of Consumer Bankruptcy Attorneys, or the United States Courts website. Additionally, you might find useful resources at your local law library or public library.
If you need legal assistance in a bankruptcy matter, it is advisable to consult with an experienced bankruptcy attorney who can guide you through the process. You can find such attorneys via the Missouri Bar Association's lawyer referral service. They can review your situation and advise on the best course of action for your specific circumstances.
