No, absolutely not. It is not necessary to inform your creditors beforehand of your plans to file a St. Louis bankruptcy. Of course, if you want to tell them beforehand, that’s up to you. But there is no obligation on your part to do so.
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When a bankruptcy is filed in the states of Missouri or Illinois, all creditors must be notified. So before you file, your St. Louis bankruptcy attorney will have you list out everyone that you owe money to (like credit cards, medical bills, payday loans, old utility companies, overdrawn bank accounts, etc.). In addition, your credit reports will be run to make sure that all creditors are accounted for. After the bankruptcy petition is filed, the court will mail out notifications to each creditor.
But more importantly, the moment the case is filed, the so-called Automatic Stay is put into effect. The automatic stay is veil of protection that the court surrounds your with. This “stay” prevents any creditor from ever contacting you again (whether it is in the form of a phone call, a letter, or turning the debt over to a collection agency).
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However, some people feel more comfortable telling their creditors ahead of time about the pending bankruptcy filing. This is absolutely fine (but again, not necessary). The only requirement is that you provide the court with at least a name and address so the notifications can be mailed out.
In addition to the creditors, it is also important to make sure that you assets are protected. So for example, if you file a St. Louis Chapter 7, you will also be required to list out all of your possessions (such as clothes, jewelry, real estate, cars, bank accounts, etc.). Your lawyer will likely be able to protect all of these assets, but you for sure want to disclose all of your possessions. The last thing you want to have happen is a situation in which you are hiding an asset from the court (that is considered to fraud by the federal government).
We have two locations: in the Central West End of St. Louis, at 1 North Taylor (on the corner of Taylor and Laclede), 63108; and in the Twin Cities of Festus / Crystal City, at 1000 Truman Blvd (Highway 61/67), 63019. The initial consultation to discuss your debt related issues is free of charge. So contact us today to learn more!!