Consumer Bankruptcy Lawyers in Liberty, Missouri

Find the right Consumer Bankruptcy attorney in Liberty, MO

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts excused. It should typically only be considered as an option of last resort, because it can have significant 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 controlled by federal law and handled in federal courts, so the procedural and substantive rules involved in Missouri are often the identical as everywhere 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 Liberty, Missouri bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Liberty, Missouri

There are 2 typical types of consumer bankruptcy in Liberty, Missouri: Chapter 7 and 13. Chapter 7 bankruptcy involves a liquidation of some of the debtor's assets, which pays off part of his or her debt. Once this is done, the remaining debt is excused. Fortunately for debtors, many forms of property are exempt from liquidation, including homes, vehicles, necessary personal items, and retirement accounts.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is excused. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Liberty, Missouri debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Liberty, Missouri

Chapter 13 Bankruptcy in Liberty, Missouri is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each distinct case. 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 arrangements that gave rise to the debt in the first place. This results in an adjusted 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 Liberty, Missouri

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your distinct situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

In any case, it would be a good idea to consult a local bankruptcy lawyer in Liberty, Missouri. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Liberty

Liberty, Missouri is a city in Clay County, and is a suburb of Kansas City. It has a population of about 30,000 people.

Liberty, Missouri was first settled in 1822, and was made the county seat of Clay County shortly thereafter. In 1830, a lawyer named David Rice Atchison opened a practice in Liberty, where he took it upon himself to defend the religious freedoms of Mormon settlers, who were an unpopular and persecuted group at the time. During the Civil War, sympathies for the Confederacy were very prevalent in the area around Liberty, and this thwarted Missouri's plans to remain neutral in the conflict. Liberty, and other parts of Missouri, hosted several important battles of that war, so there are many historic landmarks in the area.

Modernly, Liberty is one of Kansas City's largest suburbs. Major corporations, such as Hallmark, have distribution centers in Liberty. It also hosts the headquarters of Ferrellgas, one of the nation's largest suppliers of Propane and Propane Accessories.

If you have a legal issue, chances are good that there's a lawyer in or around Liberty, Missouri who can handle it. Liberty, Missouri lawyers are competent and well-rounded, and should be able to help you.

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