Articles Posted in Fresh Start / Clean Slate

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

Not nearly as long as you might think. In most cases, your credit score will improve by about one hundred (100) points within the first year after filing a St Louis bankruptcy. And then you can expect your score to make its way back up to where you want it within about two years after filing.

When you file for bankruptcy in the state of Missouri, it is described as a “fresh start / clean slate”. In other words, the whole idea behind such a filing is so that you can get back up on your feet, dust yourself off, and move forward in life. Bankruptcy will give you a chance to rebuild not only your life, but also your chances at rebuilding your financial standing.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

No, it will not. In fact, the opposite is more likely to happen. The St Louis bankruptcy process is described as a “fresh start / clean slate”. It is a chance to wipe the slate clean, start fresh, and rebuild. More specifically, you will have a chance to rebuild your credit score (and get it back to where you want it).

Will it happen overnight? No. But it will occur a lot sooner than you think. For instance, most people can expect to see their credit score rise by as much as 75-100 points up within the first twelve months after filing your case. That’s if you did nothing more than sit around all year on the couch. But you can of course be as aggressive as you wish in rebuilding your score. And most folks see their score get back to where you want it be within a year and a half to two years after filing.

Why will your score rise after filing bankruptcy? Shouldn’t it do just the opposite, and fall like a rock?

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

Yes, you can. In fact, I have many clients who come in to see me for a consultation because they have recently been sued by a creditor, and they want to get it taken care of through their bankruptcy. This is one of the nice benefits of filing for bankruptcy in St Louis.

If you fall behind on your debts, the creditor will end up calling you non-stop and harass you about making on time payments. But if you are unable to make any more payments, then eventually the creditor (or the collection agency that they pass the debt off to) will sue you under a breach of contract theory.

Once the lawsuit is filed, they must serve you with a summons. A summons is basically a large document that gives you all the information you need about the case filed against you (the date of the initial hearing, the address of the court, what type of case it is, etc.).

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

There are many misconceptions about filing for bankruptcy in St Louis. Most of these come from the creditors themselves (they obviously have an incentive to try and convince you not to file). But many of the misconceptions originate as half-truths, and are then passed down from one person to the next (and with each successive re-telling, the story gets bigger and bigger). Below I’ll discuss the three most common misperceptions about bankruptcy that I hear:

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

I get this question a lot, and I know what the person is trying to ask me. But it’s important to point out something (so that there is no misunderstanding of the way things work). When you speak about someone’s “record,” you are talking about their criminal background history (like when a potential employer runs a background check to see if you have been convicted of any crimes). But the filing of a St Louis bankruptcy is not a crime. And it does not go on your “record.”

But it will show up on your credit report. And the current rules state that a bankruptcy filing shall remain on your credit report for ten (10) years. For a lot of people, this sounds kinda scary. “Oh my god! It will stay on my record for ten years?!” (And then I explain that it’s not their record, but their credit report).

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

A lot of people have asked me this question over the years. Many have been led to believe that the filing of a St Louis bankruptcy will put them in a worse position than they are currently in. Or even worse, they’ve been told that such a filing would result in some heavy consequences. None of these claims are true. Below, I’ll discuss a few of the more frequent ones I hear about:

By far the most common worry amongst people filing for bankruptcy in Missouri is that by doing so, they will have ruined their chances of rebuilding their financial future. But the exact opposite is true. The government describes this process as a “fresh start / clean slate”. It is a chance to wipe the slate clean, start fresh, and rebuild. For instance, you will have an opportunity to rebuild your credit score by quite a bit within the first year after filing (people usually see a bump up in their score by about 100 points within the first twelve months). And certainly within a year and a half to two years after filing, your credit score is back where you want it to be. So it won’t happen overnight. But a lot quicker than most people believe.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

There are a number of benefits that one receives from the filing of a St Louis bankruptcy. Many of those benefits are fairly obvious, but some can be a pleasant surprise. Listed below is the top five:

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No, it will not. In fact, most people are surprised to learn that your credit score will actually climb (on average) of about one hundred (100) points within the first year of filing for bankruptcy. And that within a year and a half to two years after filing, your credit rating is usually back up to where you want it to be.

ST LOUIS CHAPTER 7 BANKRUPTCY FEES:  $675

Probably the most common misperception that I hear from people when I do a bankruptcy consultation is the idea that they will somehow be in a worse position credit-wise after filing. But the exact opposite is true. The court system describes a St. Louis bankruptcy as a “fresh start / clean slate”. It’s a chance to wipe the slate clean, pick yourself up, and start fresh. It’s a chance to move forward in life with a much better financial standing.

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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.

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The most a creditor can garnish from your wages is 25% of your net earnings (after all deductions like taxes and health insurance are taken out) from each paycheck. Or if you are classified as head-of-household status on your taxes, then you can get that amount down to 10% of net earnings. But there is a bit more to it than just this.

The only way that a creditor can garnish your wages is if they first get a judgment against you. The only way a judgment can be handed down against you is there was a hearing on the matter in a court of law. And the only way there could have been a hearing is if you were first served with a summons. So the order of events (after the creditor files suit against you for breach of contract) is as follows: 1) you are served with a summons (which usually consists of a copy of the complaint against you, a copy of the original contract between you and the creditor, and the summons page itself which lists the court date, time, and place); 2) a hearing is held at which you have the opportunity to appear and make an argument in your defense; 3) assuming that the creditor receives a judgment in its favor, they can then move towards a wage garnishment (or a bank levy). Unless these steps are taken first, the creditor cannot garnish your wages.

But let’s assume that you are currently being garnished in the state of Missouri. In that case, they can only take up to 25% of the net (or 10% if head-of-household). Once this becomes the state of affairs, your options are limited to two main things: you can either pay the debt in full, or file for bankruptcy.

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