Articles Posted in St. Louis Chapter 7 Bankruptcy

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

A St Louis Chapter can help someone tremendously who is dealing with a great deal of unsecured debt (such as credit cards, medical bills, payday loans, etc.). This is because a Chapter will literally wipe clean all of those debts (as if they never existed)!! Once this occurs, you will be in a much better position to move forward with life! Below are the three main benefits that you will derive from such a filing:

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

Your household income is the single biggest factor in determining which chapter of bankruptcy you may file. In a nutshell, if you are below the median income for your particular household size, then you can probably file a St Louis Chapter 7. But if you are above the median income (or at least above this level after all deductions may be taken), then the court will require that you file a St Louis Chapter 13. Below is a description of how it all works:

The Federal Bankruptcy Code clearly sets out who may file a Chapter 7. If you are below the median income level for your particular household size, and you have not filed a Ch7 within the last eight (8) years, then you may file a Ch7. What is the “median income level” for your household size? That is the main question when it comes to bankruptcy law.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

The biggest single difference between the two chapters of bankruptcy is that a St Louis Chapter 13 is described as a repayment plan over the course of three (3) to five (5) years during which certain debts are paid back. There are some qualifying criteria to get into a St Louis Chapter 7, but the Ch13 is almost always available. A brief description below gives you information about the two chapters:

Most people want to file a Ch7. Which is understandable, because it is a total discharge of your unsecured debt (such as credit cards, medical bills, payday loans, old gym memberships, etc.). But in order to qualify for a Ch7, you must cross two hurdles: 1) you pass the Means Test; and 2) you have not filed a Ch7 within the last eight (8) years.

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ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7

It depends on a number of factors. Most specifically, it depends on whether or not you have filed a Ch7 in the past, and if you are above or below the median income level (for your particular household size). These factors are discussed more thoroughly below:

The Bankruptcy Code states clearly that if you have filed a Missouri Chapter 7 in the past, then you have to wait a full eight (8) years before you may file another one. So for instance, if you filed a St. Louis Chapter 7 in 2010, then you would be eligible again for another Ch7 in 2018. But that doesn’t mean you are out of options! If this set of circumstances applies to you, then you can file a St Louis Chapter 13.

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ONLY $300 UPFRONT ATTORNEY FEES FOR A ST LOUIS CHAPTER 13

The biggest difference between the two chapters of bankruptcy is that a St Louis Chapter 7 is a straight discharge of unsecured debts (like credit cards, medical bills, and payday loans), and a St Louis Chapter 13 is described as a repayment plan over the course of three (3) to five (5) years (during which certain debts are paid back). But there are a lot more differences between the two than just this. Below is a brief description.

Even assuming you qualify for a Chapter 7 (which depends almost entirely on whether or not you are above or below the median income level for your particular household size), it sometimes makes more sense to file a Chapter 13.

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When this question is asked, most people are talking about a St. Louis Chapter 7 bankruptcy. This type of bankruptcy petition results in a discharge of your unsecured debts (such as credit cards, medical bills, payday loans, old utility bills, etc.). But in order to get into a Chapter 7, you first have to pass the “Means Test”.

ATTORNEY FEES FOR A ST LOUIS CHAPTER 7 START AT $675

What is the Means Test? It is calculation that was devised by the US Congress in 2005 to determine whether or not you are above or below the median income level for your particular sized household. More specifically, the calculation/test looks at your total household income over the previous six (6) months before filing a bankruptcy. If, based on the total household income over the previous six months, you are below the median, then you qualify for a Missouri Chapter 7.

That’s the short answer. But as you have probably already guessed, the Means Test is actually a very complex and involved set of calculations that can easily result in mistakes (unless of course you are a trained attorney with several years of experience completing the test!!)

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ST LOUIS CHAPTER 7:  $675    ST LOUIS CHAPTER 13:  $300 upfront

The Bankruptcy Trustee is one of the main players in the bankruptcy process. He or she is charged with the duty of determining whether or not you have any assets that can be liquidated. A few common examples of an asset that can be liquidated are a bank account that has a lot of money in it on the date of filing (usually in the neighborhood of several thousands of dollars), or if you have a vehicle that is paid in full (with no loan against it) that your attorney cannot fully exempt, or if you have recently been awarded a judgement in which you receiving a large amount in damages (like a personal injury suit).

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No, you will not have to surrender you tax refund every year for the rest of your life!! But depending on which chapter of bankruptcy you file, there is a possibility that you may have to turn over a portion of your current refund. Let me explain:

In a St. Louis Chapter 7 bankruptcy, a tax refund becomes an issue if it is large. By large, I mean anything over $2,000. Some people anticipate a refund of four, five, or six thousand per year. If this is the situation, then it depends greatly upon when you actually file your bankruptcy petition. For instance, if you were to file a Missouri Chapter 7 in December, and you anticipated a tax refund of $5,000, then it is going to be very likely that the Trustee will demand that you turnover to him most of that refund (the Trustee will then disperse those funds to the unsecured creditors that are due to be discharged in your case).

But if it is March when you file your St. Louis Chapter 7, and you have already spent the tax refund (on necessities, like household expenses, bills, and/or car repairs), then there will be nothing that the Trustee can take from you. So as you can see, it depends greatly on when you file your Chapter 7. Sometimes a tax refund can be an issue, and other times its no issue at all. It is all in the timing of when you file your case.

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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).

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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.