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.
In order to determine which chapter would work best for you, it is in your best interest to seek the advice of an expert St. Louis bankruptcy attorney. At the law firm of Brinkman & Alter, LLC, our goal is to make sure that you understand what your options are, that all of your questions are answered, and that you are put squarely on the road towards financial freedom.
We have two locations: in the Central West End, at 1 North Taylor, St. Louis 63108; and in the Twin Cities of Festus / Crystal City, at 1000 Truman Blvd (Highway 61/67), Jefferson County, MO 63019. We offer a free initial consultation. So contact a St. Louis bankruptcy lawyer today to learn more!!