What is the Missouri Bankruptcy Process?

There are several steps to filing a Chapter 7 or Chapter 13 Bankruptcy in Missouri. In this blog, we will discuss a portion of the process that applies to either Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.

Filing for Chapter 7 or Chapter 13 Bankruptcy Protection

Cost: The cost for filing a Chapter 7 Bankruptcy is $335 and the filing fee for Chapter 13 Bankruptcy is $315.

Exemptions: Once you have gathered all of the documentation we noted in our last blog, your Bankruptcy attorney must analyze your financial situation and determine which property is “exempt”. Property that is exempt can’t be sold by the Bankruptcy Trustee to pay your creditors.

Filing the Petition and Schedules: A “Petition” must be completed and filed with the Bankruptcy Court along with forms called “Schedules” in order to begin the Bankruptcy. Schedules ask you to describe your recent financial transactions and current financial status.

Honesty is Required: When you file for Bankruptcy protection, you must be totally honest when completing the Petition and Schedules. If you are not honest, there are severe penalties that can happen, including the Bankruptcy Court refusing to give you a bankruptcy discharge. If you are dishonest, you can even be referred for criminal prosecution.

Bankruptcy Automatic Stay: When you file for Bankruptcy protection, something called the “automatic stay” goes into immediate effect. With the automatic stay in effect, creditors must stop all collection efforts. This means creditors can’t continue collection calls, collection letters, wage garnishments, lawsuits, home foreclosures, car repossessions, etc. Some secured creditors (secured by a home or car) may file a motion for the Bankruptcy Court to lift (stop) the automatic stay in regard to their debt. The Bankruptcy Court will send notices to all of your creditors informing them that an automatic stay has gone into effect. Your Kansas City Bankruptcy attorney also will want to notify creditors of your Bankruptcy.

The Bankruptcy Process is Complicated, You Need Trusted and Experienced Bankruptcy Lawyers:

As you can see from the above, the Chapter 7 or Chapter 13 Bankruptcy process is complicated. You need our trusted and experienced Kansas City Bankruptcy attorneys at Troppito Miller Griffin, LLC, to guide you through this process. Don’t hesitate, call us today.

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