Articles Posted in St Louis Bankruptcy

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7 BANKRUPTCY

The Bankruptcy Trustee is the individual that examines all of the documents and forms that you file with the court. He or she has the opportunity to ask questions, demand further information, object to certain pleadings, and in some cases demand that you turn over property to the Bankruptcy Estate.

What does all of that mean? Well, the easiest way to describe the Trustee’s job is as follows: he or she is trying to get the unsecured creditors (i.e. credit cards, medical bills, payday loans, etc.) as much funds possible. If that means selling your unexempt assets (in a Ch7), or requiring a repayment plan to your unsecured creditors, then that’s what the Trustee will do.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

Most of the time the answer to this question is no. If you were to file a Chapter 13, it is possible that your employer may know (if you choose to have the monthly payment deducted directly from your paycheck). But generally speaking, the only way anyone knows about your having filed for St Louis bankruptcy is if you tell them.

In a St Louis Chapter 13, a repayment plan is set up (that lasts between three (3) to five (5) years in length) during which certain debts are paid back (like mortgage arrearage, car loans, back child support, tax debt, etc.). One of the ways in which this plan payment can be made is by way of a Wage Order.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

I personally believe this is the case because of all the bologna that creditors tell people. Creditors will go out of their way to make people think that filing a St Louis bankruptcy will result in nothing but negative consequences in the future (like a horrible credit score, never being able to take out a loan again, never being in a position to purchase real estate, etc.).

I even had a client one time tell me that the reason why she would not file for bankruptcy is because a creditor informed her that she would lose her right to vote if she did!! (By the way, that is inaccurate. No one loses their right to vote because of a bankruptcy filing).

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

The main job of the Bankruptcy Trustee is to find any assets that he or she can liquidate when someone files a St Louis Chapter 7. If the Trustee does in fact find an asset that is not exempt (or fully exempt), then he/she will have the opportunity to go after it. And because this is what the Trustee does for a living, it is very, very important that your hire a really good St Louis bankruptcy lawyer to help make sure that you don’t lose any of your assets when you file!! Below is a fuller description of the process:

When you file for bankruptcy in St Louis, the court requires that you list out all of your assets (whether it is “big ticket” items like real estate or automobiles; or smaller assets like household goods, clothes, jewelry, and bank accounts). Once these assets are fully listed on your bankruptcy schedules, your attorney can use state exemptions to protect most of them.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

Yes, you can. And in fact, you can pay for your St Louis bankruptcy fees in any way you see fit (over any time period, or by just about any method). The only form of payment that cannot be accepted is a personal credit card (which obviously makes sense!). Below is a more thorough explanation of how you can pay for your bankruptcy:

Most attorneys that practice bankruptcy law will charge somewhere between $1,500 to $300 in attorney fees for their services. Now if you looked at the $300 figure, and started to get excited, let me fill you in on a couple of things: YOU GET WHAT YOU PAY FOR!! Law firms that advertise such low prices are exactly what you would expect them to be (rip-off artists).

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

By way of Missouri state law, a creditor may take no more than 25% of your net earnings (from any paycheck you receive). However, if you qualify for Head-of-Household status with the taxing authorities, then you may have the amount to be deducted reduced to 10% of your net earnings. Either way, a St Louis bankruptcy will put an end to the garnishment (as soon as the case is filed). Below is a more thorough discussion:

If you fall behind on your debts (like a credit card or medical bill), the creditor may end up suing you for breach of contract. If that creditor gets a judgment, it can execute on that judgement in one of three main ways: 1) levy your checking or savings account (i.e. bank freeze); 2) put a lien on your property (like real estate); 3) garnish your wages.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

When you file a St Louis Chapter 7, all unsecured debts (such as credit cards, medical bills, payday loans, old gym memberships, etc.) are discharged (i.e. knocked out forever). If you were to file a St Louis Chapter 13, it is possible that some of your unsecured debts will be discharged as well (but some of these debts may be paid back through the Ch13 repayment plan). However, there are indeed some debts that cannot be knocked out. A description of those debts is provided below:

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

There is only one way that a creditor can place a levy upon your checking account: by getting a judgement against you in court. This judgment must first be achieved before the creditor may take any such aggressive actions against you. Of course, the creditor will not tell you about all the steps involved before they put the levy upon your account!! They will just make it sound as if they can levy whenever they feel like it. Below is a more thorough description of how it works:

When you fall behind on your debts, the creditor will call and call (and harass you over the phone, and send you many threatening sounding letters). If no payments are made, the creditor can do one of two things at that point: 1) sell the debt to a collection agency; 2) or sue you for breach of contract.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7 BANKRUPTCY

No, they cannot threaten you. With anything, at any time. But just because they are not supposed to make any sort of threats doesn’t mean that they will in fact obey the law. The United States Congress recognized long ago that the collection industry is filled with companies that practice very aggressive (and sometimes harsh) tactics in their attempts to collect on a past due debt. Below is a brief description about how that law protects you:

The Fair Debt Collection Practices Act (FDCPA) is a federal statute that tightly regulates what a collector may do when it tries to collect on a debt (whether it is a phone call, a letter, an email, a voicemail, whatever). These restrictions put a tight reign on the industry because the collection industry has proven over time to be a sector of the economy that uses methods that most Americans deem irresponsible (hence the passage of the FDCPA in the 1970s).

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7 BANKRUPTCY

I get this question a lot right around tax season (from January to April, and sometimes thereafter). The concern, of course, is that if you file a St Louis bankruptcy, you will end up losing the refund. But it does not have to turn out that way!! So long as things are handled correctly, you stand a very good chance of keeping your tax refund! Below is a fuller explanation:

When you file a bankruptcy, it is required that list out everything you own (so that court has a full picture of your assets). And when the court says everything, they mean everything!! This would include furniture, cars, bank accounts, clothes, potential lawsuits, and certainly tax refunds.

The reason why is pretty simple: the Bankruptcy Trustee (the individual who will review all the documents you file with the court) wants the list so that he/she can determine if you have any assets that can be liquidated.

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