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St Louis Bankruptcy: How Long Does A Bankruptcy Take?


It depends largely on which type of St Louis bankruptcy you choose to file. The two main chapters are: Chapter 7 and Chapter 13. A brief description of each is offered below.

A St Louis Chapter 7 bankruptcy is commonly referred to as a discharge of unsecured debts (such as credit cards, medical bills, and payday loans). From the time such a case is filed to when you get your actual discharge from the court is usually about four (4) months in length. This is the average length, which means it is sometimes possible that the process could be drawn out longer. The main reason for the extra length is often a result of the Bankruptcy Trustee wanting additional documentation (bank statements, the fair market value of real estate, an explanation of how you spent your most recent tax refund, etc.).

A St Louis Chapter 13 bankruptcy is described as a repayment plan over the course of three (3) to five (5) years during which certain debts are paid back (such as mortgage arrearage, car loans, tax debt, back child support, and sometimes a portion of your unsecured creditors). If you are above the median income level for your household size, then you have to do a five year plan. If you are below the median income, then you can do a three, four, or five year plan.


So as you can see, there is quite a bit of a difference between the two chapters of bankruptcy. And choosing which one is best for you depends on the particular set of facts surrounding your case. For instance, if you are facing a home foreclosure (and you want to keep your house), then a Ch13 is the best course of action to take. But if you simply have a great deal of unsecured debt, then perhaps a Ch7 would work better for you.

Of course, there are those situations in which it may seem as if you should do a Missouri Chapter 7 (at least on paper). But when your St Louis bankruptcy attorney starts to take a closer look at your individual circumstances, it could be that a Chapter 13 makes the most sense. And the best way to figure that is to make an appointment with a knowledgeable lawyer today!!

The affordable St. Louis bankruptcy attorneys at The Bankruptcy Company 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.

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