Consumer Bankruptcy Lawyers in Blue Springs, Missouri

Find the right Consumer Bankruptcy attorney in Blue Springs, MO

Bankruptcy is a legal procedure allowing a person or business to have their debts excused, in part or in whole. It is typically treated as a last resort, because, while it can prevent financial catastrophe, it has some influential long-term consequences. This warrants careful consideration of the costs and benefits. Since it's a product of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Missouri will be the same as anywhere else in the country. Distinct courts in Blue Springs, Missouri will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Blue Springs, Missouri

In Blue Springs, Missouri, there are 2 typical forms of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 liquidates some of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many types of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and necessary personal items, like clothing. These assets are not available to creditors.

Once appropriate assets are sold, and the money turned over to the creditors, most remaining debt is excused. However, there are certain types of debt that cannot be excused in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Blue Springs, Missouri.

Chapter 13 Bankruptcy in Blue Springs, Missouri

Chapter 13 bankruptcy in Blue Springs, Missouri is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your specific case. Chapter 13 bankruptcy does not absolve debt, it restructures it. This involves a court coming up with an adjusted repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original arrangements that created the debt in the first place. This creates a new payment structure, typically involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Blue Springs, Missouri

Chapter 13 is typically a good option for people who have a steady income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a steady income, Chapter 7 might be more beneficial.

In any case, you should talk with a local Blue Springs, Missouri bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely result. This will make it much easier for your to make an informed choice.

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Life in Blue Springs

Blue Springs is a Jackson County city that is just outside of Kansas City in the State of Missouri. The city is home to 55,000 residents including celebrities like David Cook from American Idol, rapper Tech N9NE, pro wrestler Ricky Vega, and football player Doug Terry. Blue Springs is popular among families and business professionals because it plays host to many award-winning schools and is an attractive residential community for commuters. Notably, a number of lawyers call Blue Springs home. Those lawyers specialize in a wide range of practice areas and daily take new cases. There are also a number of picturesque parks and free recreational activities.  

Blue Springs was founded by settlers traveling westward who utilized the clean spring water from Little Blue River. The river played an important role in the development of Blue River and powered the Burrus Old Mill, a grist mill, which can still be visited at the city's Burrus Old Mill Park on Woods Chapel Road. When the Chicago and Alton Railroads announced they were constructing a station 1 mile east of the mill in 1878, the city's center relocated to attract more commerce. 

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