Articles Posted in St. Louis Chapter 13 Bankruptcy

It depends mainly on when you file your case. There are two main chapters of bankruptcy, and within each one, the court handles a tax refund very differently.

ONLY $750 IN ATTORNEY FEES FOR A ST. LOUIS CHAPTER 7

In a St. Louis Chapter 7 bankruptcy, the Trustee is ordered by the court to find any assets you might have that he/she can liquidate. This liquidation of assets is for the benefit of your unsecured creditors (like credit cards, medical bills, payday loans, etc.) who are subject to discharge. The basic bargain is this: if you had some sort of asset that could have been liquidated before filing your St. Louis bankruptcy, then this asset should be turned over to the Trustee so that he/she can sell it (or reduce it to cash).

It depends upon which chapter of St. Louis bankruptcy you file. In a St. Louis Chapter 7 bankruptcy, the length of time from start to finish is generally about three (3) to four (4) months. In a St. Louis Chapter 13 bankruptcy, the length of can be between three (3) to five (5) years. But it’s very important to understand the differences between the two types of bankruptcy so that you can make the best decision for you and your family.

A St. Louis Chapter 7 is described as a discharge / liquidation. The discharge part is pretty straight forward: whatever unsecured debts you have (such as credit cards, medical bills, payday loans, etc) are knocked out forever. Once the case is filed, you can expect to receive this discharge three to four months later. During this short period of time, you will be required to attend one hearing called the “341 Meeting of Creditors.” It is a chance for any of your creditors to show up and ask you any questions about your debts on the record. Other than this hearing, that is pretty much all you will have to do (except to wait around for your official discharge). The fees for a standard Missouri Chapter 7 start at $750.

A St. Louis Chapter 13 is described as a repayment plan over the course of three to five years. During this period of time, you will pay back certain debts (such as car loans, back child support, mortgage arrearage, and any tax debt). The way in which to determine the actual length of time during which you will be inside the repayment plan is based largely on two things: 1) the number of people living in your household; and 2) the amount of monthly income that comes into your household. If you are below a certain median (or average) income level, then you may do a three year plan. If you are above the median income level, then you will have to do a five year plan. There are no upfront attorney fees necessary to file a Missouri Chapter 13.

It depends on two main things: 1) which chapter of bankruptcy you file; and 2) whether or not the debt in question was jointly held between you and your ex-spouse.

Debt that you incurred jointly with your spouse while you were married (like a credit card or loan) can almost never be discharged in a St. Louis Chapter 7 bankruptcy. So for instance, if the family court judge in your divorce proceeding ordered that you pay unsecured debts that were in both your names (again, like credit card debt), then those debts cannot be knocked out in a Missouri Chapter 7.

The policy behind this decision is in place so as to insure that people do not get out of such debts so easily. You can still file a Chapter 7 if you wish (so long as you qualify for one otherwise), but those debts will not be removed.

It’s actually rare that you would have to pay back every single one of your debts in a St. Louis bankruptcy. But then it depends very much on which chapter of bankruptcy you file.

In a St. Louis Chapter 7 bankruptcy, all of your unsecured debts (such as credit cards, medical bills, payday loans, etc) are discharged. When debts are “discharged,” they are literally knocked out forever. They will no longer exist. The creditors can no longer demand payment from you, and you are no longer under any obligation to pay. If on the other hand you have secured debts that you wish to retain (such as a house or car), then the opportunity to do so is available. So long as there is not a great deal of equity in the asset, then keeping a house or car in a Missouri Chapter 7 is possible.

The other main type of filing is a St. Louis Chapter 13 bankruptcy. This is described as a repayment plan over the course of three to five years during which certain debts are paid back. These certain debts would include arrearage on a mortgage (i.e. what you have fallen behind on your house payments), car or truck loans (usually at a much lower interest rate), tax debt (income, personal property, sales, and real estate taxes), and back child support and/or maintenance.

This is a possibility, but it is dependent upon the timing of when you filed your case, and which type of bankruptcy you filed.

There are two main types of consumer bankruptcies that an individual (or married couple) may file. And I will discuss each, and describe how a potential tax refund is affected by them. The first kind is the most common, which is a St. Louis Chapter 7 bankruptcy. In a Missouri Chapter 7, the court requires that you disclose all of your assets. And when the court requires you make it aware of all of your assets, it truly means that you disclose everything. This means all of your pots, pans, vehicles, furniture, bank accounts, stocks and bonds, retirement plans… literally everything.

Included in this list would be any anticipated funds or unliquidated funds that you might receive in the future. This would include things like money from a workman’s compensation claim, personal injury suit, medical malpractice suit, or an FDPCA claim. But it would also entail things like a potential tax refund.

There are a few situations in which someone would have to, or prefer instead, to file a St. Louis Chapter 13 bankruptcy. These situations may not apply to every person, but it is important to understand whether your particular circumstances would benefit from a Missouri Chapter 13. These circumstances will be described below.

To begin with, a Chapter 13 is described as a repayment plan over the course of three to five years, during which certain debts are paid back. These debts would include things like mortgage arrearage (i.e. what you have fallen behind on your house payments), car loans, tax debt, back child support, and usually a portion of your unsecured debt (like credit cards, medical bills, payday loans, etc). In addition, most (if not all) of your attorney fees would be paid through the plan as well.

The main type of situation in which someone would benefit greatly from Chapter 13 would be when there is a pending home foreclosure. Filing such a bankruptcy before the foreclosure sale date will stop the pending sale. In addition, a repayment plan will be created (over the course of three to four years) during which you would get caught up on the arrearage. This is a far better way of taking care of the back payments, instead of coming up with one lump sum. And it keeps your house safe, so that you can continue living comfortably with your family.

The easiest way in order to stop a foreclosure of your home is by filing a St. Louis Chapter 13 bankruptcy. This type of bankruptcy will stop the foreclosure from going through, and allows you to repay the arrearage over a period of time.

When you fall behind on your mortgage payments, eventually the bank or mortgage lender will turn your loan over to a law firm who will initiate the foreclosure process. This process will start with a series of letters letting you know that the loan is in default (and that you should not make anymore payments to the lender). The last piece of communication you will receive will be a foreclosure sale notice.

The notice of foreclosure will most likely come via certified mail (so you will have to go to the Post Office to pick it up). The letter/notice will let you know what your rights are, but will most importantly let you know when the foreclosure sale date is. This sale date will be about twenty (20) to thirty (30) days from the date of the letter.

No, filing a St. Louis bankruptcy does not mean that you will automatically lose everything you own (including the shirt off your back). But there are many precautions that need to be in place first. Because in certain situations, it is in fact possible to lose something you wish to keep (but a good attorney can make sure that that does not happen).

When you file a St. Louis Chapter 7 bankruptcy, it is necessary to disclose (i.e. make the court aware of) all of your real and personal property. This would include things like real estate, rental properties, time shares, and farmland. Also things like books, clothes, furniture, appliances, and sporting equipment need to be listed. And even items like bank accounts, money market accounts, stocks and bonds, retirement accounts, any outstanding accounts receivable, or pending lawsuits in which you may receive money. But please keep in mind, just because you have a duty to make the court aware of all the things own (or have an ownership interest in), this does not mean that you will have to give any of these items up.

This is because for each piece of property you own, there is usually a state exemption that corresponds to the item. For instance, your household good and furniture (which would include pots, pans, appliances, beds, dressers, etc.) are exempted up to $3,000 in value. That may not seem like a lot, but the value that is used is not actual value, but “garage sale” value. Garage sale value is much less than actual or resale value. Once you apply a garage sale value to the household goods, most people find that the $3,000 exemption is more than enough to cover their things.

The answer to this question is completely dependent upon your particular set of circumstances. There are several common scenarios under which someone would file a St. Louis bankruptcy (and there are a great many facts common to each bankruptcy petition that is filed). But in the end, it comes down to what you believe is best for you and your family.

Since at least 2008, the United States economy has undergone drastic changes. These changes have resulted in a level of upheaval that many Americans have never experienced before. One the consequences of this change has been widespread job loss (or severe cutbacks in hours and days worked). As household income drops, the necessity to take out lines of credit increases. The choice to create new debt (especially of the unsecured variety, like credit cards) is not something that people put at the top of their wish list. But sometimes, it is necessary in order to put food on the table.

Eventually, it can become apparent that living in such a way is not sustainable. The lines of credit dry up, monthly payments get missed, and the creditors start calling. At this point, the amount of stress that you had felt because of the job loss is now compounded by harassing calls and threatening letters. Families have been torn apart by this cycle, and many a marriage has split as a direct result.

The main way in which someone stops a home foreclosure is by filing a St. Louis Chapter 13 bankruptcy. Filing such a petition before the foreclosure date will stop the sale, and give you an opportunity to repay the arrearage (what you have fallen behind on) over a period of time.

When you stop making your regular monthly mortgage payments (for whatever reason), the bank or mortgage lender will eventually initiate foreclosure proceedings. This is the main remedy they have for non-payment on the loan. Because the debt is considered to secured, they may foreclose on loan, and take back the underlying asset (the real property itself).

But before a lender may foreclose on your home, it must first provide you with adequate notice. This notice is usually mailed to you (almost always by way of a certified mailing). The notice will state when the foreclosure sale date is set for, who to contact if you have any questions, and usually some disclosures about what you legal rights are.