Consumer Bankruptcy Lawyers in Chesterfield, Missouri

Find the right Consumer Bankruptcy attorney in Chesterfield, MO

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Bankruptcy is a legal procedure allowing a person or business to have their debts absolved, in part or in whole. It is normally treated as a last resort, because, while it can prevent financial catastrophe, it has some huge 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. Particular courts in Chesterfield, Missouri will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Chesterfield, Missouri

In Chesterfield, Missouri, there are 2 common 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 basic personal items, like clothing. These assets are not available to creditors.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is cleared. However, some types of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Chesterfield, Missouri is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Chesterfield, Missouri

Chapter 13 Bankruptcy in Chesterfield, Missouri is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each particular case. Chapter 13 does not excuse any debt, but it creates a new payment plan that should give the debtor some breathing room. Usually, all of the debts are consolidated into 1 periodic payment. While this might make it take longer to pay off the debt, if the debtor is willing to make a few sacrifices, the plan should be manageable.

Which Type of Consumer Bankruptcy Should I File in Chesterfield, Missouri

Chapter 13 is normally 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.

Whatever your situation, you should speak with a local Chesterfield, Missouri bankruptcy Attorney. Your Lawyer will be able to advise you of your options and their likely outcomes, which will help you make a more educated decision.

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Life in Chesterfield

Chesterfield, Missouri is a city of approximately 47,000 people.

It is located a relatively short distance (about 25 miles) west of St. Louis, Missouri, the second-largest city in the state. This allows easy access to the many attractions St. Louis offers, such as fine dining, theater, art museums, and sporting events.

For those who have jobs in St. Louis, but prefer to live in a smaller, quieter town, Chesterfield is a good option to consider. Its quiet, suburban character makes it a good, safe place to settle down and raise a family. However, if you still have an itch for the city life, its close proximity to St. Louis means you'll be able to enjoy the excitement a large city has to offer, pretty much whenever you want.

Chesterfield, Missouri is also a very affluent community - with a median family income of over ,000, and a per capita income of over ,000. Less than 3% of the population of Chesterfield lives below the poverty line. It should come as no surprise, then, that the people who live in Chesterfield tend to be very successful and well-educated.

Accordingly, Chesterfield, Missouri lawyers have to be ready to take on some fairly sophisticated cases. This means that, when you hire a Chesterfield, Missouri attorney, it's a near certainty that they'll be able to handle whatever legal issues you can throw at them.