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The 7 Main Steps of Filing Missouri Bankruptcy If you are considering filing Missouri bankruptcy, we want you to feel comfortable that the process is much simpler and more straightforward than you might think. Here are the 7 main steps that you should expect as you file Missouri bankruptcy: Have a consultation with an attorney: Your attorney…
With 2012 nearing an end, most Missourians that are considering bankruptcy are concerned about how a Missouri bankruptcy filing would affect their potential tax refund. This is a valid concern. Tax refunds are an asset of your estate and therefore the court can act upon the refund depending on what type of chapter you file…
Yesterday (July 9, 2012) Governor Nixon signed a law that will change some Missouri bankruptcy exemption statutes, including the vehicle exception statute and the head of household statute. The new law clarifies that the Missouri bankruptcy exemption of a debtor’s interest in motor vehicles applies to all motor vehicles owned by the debtor to a total of…
Unfortunately, paying off a debt owed to a friend or family member prior to the filing of a bankruptcy can result in a costly and difficult situation for both the person paid and yourself. Under the Missouri Bankruptcy Code, any payments to a friend or family member made within a year prior to the filing of bankruptcy…
Most of the time the answer is NO! Before considering bankruptcy, many of my clients have considered using a debt negotiation service that advertised on the radio or TV. These ads claimed to be able to give creditor relief for a fraction of the amount owed. Well, if it looks too good to be true,…
Paying off a credit card with a small balance before a bankruptcy filing may be advisable for post-bankruptcy credit building. Debtors must list all of their creditors in their bankruptcy schedules (all debts). The Court then notifies these creditors of the bankruptcy filing. If an individual has a credit card with a balance of less…
It is generally not a good idea to put property you own into someone else’s name in the time leading up to a bankruptcy filing. Transferring assets to another individual or entity prior to filing bankruptcy to protect the assets from being taken by a bankruptcy trustee is fraud. In addition to asking the court…
If considering bankruptcy, do not borrow money against your home to pay off or consolidate debt. The homestead exemption laws in Missouri and Kansas both protect some equity in a bankruptcy debtor’s house. As a general rule, incurring additional debt against a home often results in higher payments which may place consumers at risk of losing their…
It is usually not advisable to withdraw or take out a loan against a 401K,IRA or other qualified retirement account to pay off or consolidate debt. Under Missouri and Kansas law, an individual’s interest in their retirement plan such as a 401(k), IRA, or other similar tax-deferred retirement plan is typically protected from creditors in…
Clients often ask me about the different types of bankruptcy, including Chapter 11 bankruptcy. A Chapter 11 bankruptcy serves two specific purposes: 1) restructuring business debt and 2) restructuring consumer debt for individuals that have too much debt to qualify for Chapter 13 bankruptcy. Chapter 11 bankruptcy can be a good option for businesses, but…