What You Should Know About Chapter 7 St. Louis MO

by | Jul 5, 2016 | Bankruptcy

Many people ask whether a Chapter 7 St. Louis MO is the right choice for them. It is always best to do some research ahead of time so that the process goes as smoothly as possible, and so that the attorney can help in the best way possible. The first thing to know about Chapter 7 bankruptcy is that it is designed to be a total relief of debts. There are only a few kinds of debts that are not included in a Chapter 7 St. Louis MO, namely things like past due child support payments and tax payments to the Internal Revenue Service. Most revolving credit debts can be discharged under a chapter 7 bankruptcy.

There are requirements that an individual or couple must meet before they can successfully file a chapter 7 bankruptcy. First, their income must meet with the amount set forth in the Missouri Means Test. This test evaluates a bankruptcy filer’s income for the six months just prior to filing the bankruptcy. As long as the income is at or below the amount set (this amount is based on household size) the filer may proceed.

All people who declare chapter 7 bankruptcy must attend credit counseling according to the 2005 Bankruptcy Act. This is a law that applies to every state in the U.S. This credit counseling will include a series of classes that are designed to help the bankruptcy filer avoid poor financial decisions in the future. The class will also provide people with the tools that they need as they start their financial life anew. Click here for more details about chapter 7 in St. Louis, MO.

Chapter 7 bankruptcy can be fairly complicated, so it is always best to have an attorney to help with the paperwork and the court dates. To get a bankruptcy successfully discharged, every part of the process must be done correctly and with great attention to detail. This is where a bankruptcy attorney will truly be invaluable. If you think that a Chapter 7 St. Louis MO or a chapter 13 bankruptcy might be in your future, consider calling Van Dillen Flood Law. You can find their website at Website.com now.

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