Consumer Bankruptcy Lawyers in Independence, Missouri

Find the right Consumer Bankruptcy attorney in Independence, MO

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts discharged. It should usually only be considered as an option of last resort, because it can have serious long-term consequences, even if it can stave off financial disaster. This means that the costs and benefits need to be carefully considered before filing. Bankruptcy is governed by federal law and handled in federal courts, so the procedural and substantive rules involved in Missouri are often the same as anywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Independence, Missouri bankruptcy lawyer beforehand.

Chapter 7 Bankruptcy in Independence, Missouri

There are 2 common forms of consumer bankruptcy in Independence, Missouri: Chapter 7 and 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 essential personal items, like clothing. These assets are not available to creditors.

Once the eligible property is sold, and the funds transferred to the creditors, the dischargeable debt is excused. Some types of debt, however, can't be discharged in Chapter 7 Bankruptcy in Independence, Missouri. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be discharged, Chapter 7 might not be the best choice for you.

Chapter 13 Bankruptcy in Independence, Missouri

In Independence, Missouri, chapter 13 is very different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the agreements that gave rise to the debt in the first place. This results in a new payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

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

Which Bankruptcy type to file under depends heavily on the facts of each individual case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

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

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Life in Independence

Independence, Missouri was home to former President Harry S. Truman. Not surprisingly, the city has lots to offer to show the life and times of the loved president. In Independence, a visitor can ride the "Truman Trolley", tour his old street, visit the soda fountain on Main street where Truman had his first job,see where he went to school, and other presidential points of interest.

Independence isthe fourth largest city in the entire state of Missouri and home to over 100,000 residents-- also making it the 20th largestcity in the United States. Independence was founded in 1827 and also serves as the headquarters for the Latter Day Saints Movement and played a major role in the development of this religion. There are also many great public and private schools located in Independence, making the city a great place to raise children.

Independence hasa lot ofCivil War History that provides its residents and visitors with plenty historial sites to admire. Museums, sporting events, and cultural sites make Independence a great place to visit and live. Independence is also home to many talented lawyers. Independence lawyers are skilled in a range of legal specialities and able to help their clients with any legal issue they may find themselves confronted with.

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