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Does It Matter How Many People Live In My House When I File For Bankruptcy?

Yes, indeed it does. The number of people in your household when you file a St. Louis bankruptcy can actually determine a great deal about which chapter of bankruptcy you can file.

Filing a bankruptcy petition is a process that involves disclosing a great deal of information about your situation to the court. Included in this list are things like your household goods and furnishings, information about any financial accounts you may have, any real estate in which you have an ownership interest, cars that you might own, and lawsuits or administrative proceedings in which you may be taking part.

In addition to this important information, you will also need to make it clear how many people live in your home with you. This piece of information can be terribly important, because it could mean the difference between whether you file a St. Louis Chapter 7 or a St. Louis Chapter 13 bankruptcy.

So for instance, the government says that the average (or median) income for a household of two is roughly $51,000 per year. If you are a household of two, and your total household income (i.e. income from all sources, including your spouse) is less than this amount, then it is very likely that you qualify for a Missouri Chapter 7 (assuming you have not filed a Chapter 7 within the last eight (8) years). But if you are substantially above this median income level, then it is likely that you will have to file a Missouri Chapter 13 (which is described as a repayment plan over the course of three to five years).

Or let’s say you are a household of three. According to the government, the median income for this sized household is roughly $58,000. Again, the same principles would apply: if you are below this level, you probably qualify for a Chapter 7; if not, then it will probably be a Chapter 13. So as you can see, the number of people in your house can be a play a determinative role is which chapter of bankruptcy you file for.

This is why is it vitally important that you hire an experienced law firm to handle your bankruptcy affairs. The affordable St. Louis bankruptcy attorneys at Brinkman & Alter, LLC have been assisting people with their debts for over ten (10) years. Our goal is to make sure that you understand all of your options, that all of your questions are answered, that you keep all of your assets, and that you get rid of all the debt you don’t want to retain (things like credit cards, medical bills, payday loans, etc). This is accomplished by getting you the fresh start / clean slate that you deserve.

We have two locations: in the Central West End, at 1 North Taylor, St. Louis 63108; and in the Twin Cities of Festus / Crystal City, at 1000 Truman Blvd (Highway 61/67), Jefferson County 63019. The initial consultation is free of charge. So contact us today to learn more!!

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