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.
“Exemptions” are created by the state of Missouri so that you can keep your property (real or personal) safe!! A good St Louis bankruptcy attorney is going to know exactly how to use them so that you won’t have to worry about losing anything when you file (which is exactly why someone shouldn’t file a bankruptcy by themselves; unless you have an expert level understanding of how MO state exemptions work, and when they can be applied, then you could easily run the risk of your assets being taken from you).
ONLY $300 UPFRONT FEES FOR A ST LOUIS CHAPTER 13
After the exemptions are properly taken so as to protect your stuff, it will be okay to file your case. However, there are some occasions in which a person filing a bankruptcy has an asset that simply cannot be fully exempted. Let’s say for example that you have a piece of real estate that has over $50,000 of equity in it. There is no way that that asset can be fully exempted (i.e. kept protected from the Trustee). If you were to file a Ch7, the Trustee would absolutely want to take the house, sell it, and use the proceeds to pay towards your unsecured creditors (the very creditors that you wish to have discharged in your bankruptcy, such as credit cards, medical bills, payday loans, etc.).
In that type of situation, you will have to make a really big decision about what to do!! If you do file the Ch7, there might be a chance to work out a deal with the Trustee (so that you can “buy out” the equity in the house, and keep the asset). But more than likely, you would want to file a St Louis Chapter 13 (which will keep all assets safe, regardless of the number of assets you have).
Of course the best way in which to learn your options and rights is to make an appointment to come see us!!
The affordable St. Louis bankruptcy attorneys at The Law Office of Jennifer Alter-Rieken have been saving and protecting people’s assets for years. Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you. All phone conversations and office consultations are free of charge.