If you’re considering filing bankruptcy in Missouri, you’ll need to understand the types, costs, as well as some helpful advice to finding good attorneys.

Am I Qualified for Bankruptcy?

Filing for bankruptcy is a legal process designed to provide financial relief to individuals and businesses overwhelmed by debt. The qualifications and eligibility criteria for bankruptcy can vary depending on the specific chapter of bankruptcy you’re considering and the state in which you reside. In this case, we’ll discuss the qualifications for filing bankruptcy in Missouri, a state in the United States.

Missouri, like other states, adheres to federal bankruptcy laws but also has its own rules and guidelines that affect bankruptcy cases filed within the state. Bankruptcy laws primarily fall under two main chapters for individuals: Chapter 7 and Chapter 13.

Qualifications for Chapter 7 Bankruptcy in Missouri:

Chapter 7 bankruptcy, often referred to as “liquidation bankruptcy,” allows eligible individuals to discharge most unsecured debts, such as credit card debt, medical bills, and personal loans. To qualify for Chapter 7 bankruptcy in Missouri, you must meet specific requirements:

1. Means Test: The most critical eligibility factor for Chapter 7 bankruptcy is the means test. This test evaluates your income and expenses to determine if you have the means to repay your debts. If your income is below the median income for a household of your size in Missouri, you generally pass the means test automatically. However, if your income is higher, you may still qualify if you can demonstrate that your disposable income after allowable expenses does not leave you with sufficient funds to repay your debts.
2. Credit Counseling: Before filing for Chapter 7 bankruptcy, you must complete a credit counseling course from an approved agency within 180 days of filing.
3. Previous Bankruptcy Discharge: If you’ve received a Chapter 7 discharge within the past eight years or a Chapter 13 discharge within the past six years, you may not be eligible for another Chapter 7 discharge.
4. No Fraudulent Activity: You must not have engaged in fraudulent or dishonest activities related to your finances, such as hiding assets or providing false information on your bankruptcy documents.
5. No Disqualification under Other Grounds: Certain individuals may be disqualified from filing Chapter 7 bankruptcy, including those with certain criminal convictions, such as fraud or tax evasion.

Qualifications for Chapter 13 Bankruptcy in Missouri:

Chapter 13 bankruptcy, often known as “reorganization bankruptcy,” allows individuals to create a repayment plan to pay off their debts over a period of three to five years. To qualify for Chapter 13 bankruptcy in Missouri, you must meet the following criteria:

1. Regular Income: You must have a regular source of income that is sufficient to cover your living expenses and the proposed repayment plan.
2. Debt Limitations: There are debt limits for Chapter 13 bankruptcy. This includes for your secured debts (e.g., mortgages and car loans) and your unsecured debts (e.g., credit card debt).
3. Credit Counseling: Like Chapter 7, you must complete a credit counseling course from an approved agency before filing for Chapter 13 bankruptcy.
4. Commitment to the Repayment Plan: You must be willing and able to commit to a court-approved repayment plan that outlines how you will repay your creditors over the specified period.
5. No Fraudulent Activity: Just as with Chapter 7, you must not have engaged in fraudulent or dishonest financial activities.

It’s important to note that bankruptcy laws can change over time, and the debt limits and income thresholds may have been adjusted. Therefore, it’s crucial to consult with a qualified bankruptcy attorney in Missouri who can provide up-to-date information and assess your specific financial situation to determine your eligibility for bankruptcy.

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Do You Need a Lawyer to File For Bankruptcy in Missouri?

Filing for bankruptcy in Missouri is a legal process that individuals and businesses can undertake without an attorney, but it’s important to understand the complexities and potential risks involved in a DIY approach. While it is possible to file for bankruptcy pro se (without an attorney), there are several reasons why it is highly recommended to seek legal representation when navigating the bankruptcy process.

1. Complex Legal Procedures: Bankruptcy proceedings involve numerous legal documents, court hearings, and deadlines. Without legal expertise, individuals may struggle to complete these documents accurately and meet all required deadlines. A small mistake or omission can lead to delays, dismissals, or even the loss of valuable assets.

2. Understanding Your Options: Bankruptcy is not a one-size-fits-all solution. Depending on your financial situation and goals, you may be eligible for different chapters of bankruptcy, such as Chapter 7 or Chapter 13. An experienced bankruptcy attorney can assess your unique circumstances and help you choose the most suitable option.

3. Protection of Assets: When you file for bankruptcy, the court appoints a trustee to oversee your case. The trustee’s role is to identify and sell non-exempt assets to repay your creditors. An attorney can help you understand which assets are exempt under Missouri law and take steps to protect as many of your assets as possible.

4. Maximizing Debt Discharge: Bankruptcy can discharge many types of debts, but not all. An attorney can help you navigate the complexities of debt discharge and ensure that you include all eligible debts in your bankruptcy petition. This can help you achieve a fresh financial start.

5. Negotiating with Creditors: In some cases, creditors may object to your bankruptcy filing or the terms of your repayment plan. An attorney can negotiate with creditors on your behalf and work to reach favorable agreements that can improve your financial outlook.

6. Avoiding Common Pitfalls: Bankruptcy has legal, financial, and personal consequences. An attorney can help you avoid common pitfalls, such as running afoul of bankruptcy fraud laws, which could lead to criminal charges.

7. Legal Expertise in Court: If disputes or objections arise during your bankruptcy proceedings, having an attorney by your side can be invaluable. Your attorney can represent your interests in court, argue on your behalf, and provide legal guidance throughout the process.

8. Compliance with Changing Laws: Bankruptcy laws can change over time, and it’s essential to stay updated with the latest regulations and requirements. Experienced bankruptcy attorneys are well-versed in the current laws and can ensure that your case complies with all applicable legal standards.

9. Reducing Stress and Anxiety: The bankruptcy process can be emotionally challenging. Having an attorney can provide peace of mind by handling the legal aspects of your case, allowing you to focus on rebuilding your financial future.

10. Cost-Benefit Analysis: While hiring an attorney comes with costs, it’s essential to consider the potential benefits. A skilled attorney can help you maximize debt discharge, protect assets, and potentially save you money in the long run.

While it is possible to file for bankruptcy in Missouri without an attorney, it is highly advisable to seek legal representation. Bankruptcy is a complex legal process with potential long-term consequences, and an experienced attorney can provide valuable guidance, protect your interests, and help you achieve the best possible outcome for your financial situation. Consulting with a bankruptcy attorney in Missouri can help you make informed decisions and navigate the complexities of bankruptcy law more effectively.

Cost to File Chapter 7 Bankruptcy in Missouri

The cost to file Chapter 7 bankruptcy in Missouri involves several fees and expenses, and it’s essential to understand these costs before initiating the process. Here’s a breakdown of the key expenses associated with filing for Chapter 7 bankruptcy in Missouri:

1. Filing Fee: The filing fee for a Chapter 7 bankruptcy case in Missouri is $364. This fee is payable to the U.S. Bankruptcy Court and covers the administrative costs of processing your bankruptcy case.
2. Credit Counseling and Debtor Education: Before you can file for Chapter 7 bankruptcy in Missouri, you must complete two mandatory courses: a pre-filing credit counseling course and a post-filing debtor education course. These courses typically cost around $26 to $60 each, but some agencies may offer them for free or at a reduced fee based on your income.
3. Attorney Fees: While you can file for Chapter 7 bankruptcy without an attorney (pro se), it is highly recommended to hire an experienced bankruptcy attorney to navigate the process successfully. Attorney fees can vary significantly depending on your location, the complexity of your case, and the attorney’s experience. On average, attorney fees for a Chapter 7 case in Missouri may range from $1,180 to $2,750 or more.
4. Credit Report: Obtaining a copy of your credit report from all three major credit reporting bureaus is essential when preparing your bankruptcy petition. The cost of obtaining these reports can vary but is typically around $36 to $48 for all three reports.
5. Miscellaneous Costs: There may be additional expenses related to your bankruptcy, such as notary fees, postage, photocopying, and transportation costs for attending court hearings or meetings with your attorney. These costs can vary depending on your specific circumstances but are generally relatively low.
6. Exemption for Low-Income Filers: If you have a household income below 150% of the federal poverty guidelines, you may be eligible for a waiver of the Chapter 7 filing fee or the opportunity to pay it in installments. You must request this waiver or installment plan from the court and provide evidence of your income.

Before initiating a Chapter 7 bankruptcy filing in Missouri, it is advisable to consult with a bankruptcy attorney who can provide a more accurate estimate of the costs based on your specific circumstances. An attorney can also help you explore any available fee waivers or installment plans if you qualify based on your income. Ultimately, while there are costs associated with filing for Chapter 7 bankruptcy, the relief it can provide from overwhelming debt may outweigh these expenses for many individuals seeking a fresh financial start.

Cost to File Chapter 11 Bankruptcy in Missouri

Filing for Chapter 11 bankruptcy in Missouri can be a complex and costly process, as it primarily applies to businesses and individuals with substantial assets and debts. Chapter 11 bankruptcy is often used for business reorganizations but can also be used by individuals with high levels of debt. The costs associated with filing for Chapter 11 bankruptcy can vary widely depending on the complexity of the case, the size of the debtor’s estate, and the specific circumstances. Here’s a breakdown of the key expenses and fees involved:

1. Filing Fee: The filing fee for a Chapter 11 bankruptcy case in Missouri is paid to the U.S. Bankruptcy Court and covers administrative costs. It’s important to note that this fee can change over time, so it’s advisable to check the most up-to-date fee schedule with the court.
2. Attorney Fees: Chapter 11 bankruptcy cases are highly complex and typically require significant legal representation. Attorney fees for Chapter 11 cases can vary significantly based on the complexity of the case, the size of the debtor’s assets, and the legal work involved. In many Chapter 11 cases, attorneys may charge an hourly rate, and the total cost can range from tens of thousands to hundreds of thousands of dollars or more.
3. Retainer Fees: Attorneys often require a retainer upfront to cover their initial work on your Chapter 11 case. The retainer amount can vary depending on the attorney and the complexity of your situation.
4. Creditors’ Committee Fees: In some Chapter 11 cases, a creditors’ committee may be formed to represent the interests of creditors. The costs associated with the committee’s formation and operation, including legal and administrative expenses, may be borne by the debtor’s estate.
5. Consultants and Experts: Depending on the nature of your business or financial situation, you may need to hire consultants or experts to assist with the bankruptcy process. Their fees can vary widely but are typically significant in complex Chapter 11 cases.
6. Court-Appointed Professionals: In certain situations, the court may appoint professionals, such as a bankruptcy trustee or examiner, to oversee or investigate aspects of the case. Their fees are paid from the debtor’s estate.
7. Credit Counseling and Financial Management Courses: Similar to other bankruptcy chapters, you are required to complete credit counseling and financial management courses, which come with their own associated costs.
8. Miscellaneous Costs: There may be additional expenses related to your Chapter 11 case, such as court filing fees for motions, hearings, and other administrative tasks, as well as costs associated with notifying creditors and publishing notices.

It’s important to emphasize that Chapter 11 bankruptcy is a complex legal process, and individuals or businesses contemplating it should seek experienced legal counsel to navigate the intricacies of the bankruptcy code effectively. The costs associated with Chapter 11 bankruptcy can be substantial, but they may be a necessary investment to achieve a successful reorganization and financial recovery.

Cost to File Chapter 13 Bankruptcy in Missouri

Filing for Chapter 13 bankruptcy in Missouri involves various costs and fees, and it’s essential to understand these expenses before initiating the process. Chapter 13 bankruptcy is a reorganization bankruptcy typically designed for individuals with regular income who want to create a repayment plan to address their debts. Here’s a breakdown of the key expenses associated with filing for Chapter 13 bankruptcy in Missouri:

1. Filing Fee: The filing fee for a Chapter 13 bankruptcy case in Missouri is $350. This fee is payable to the U.S. Bankruptcy Court and covers administrative costs. It’s important to note that this fee can change over time, so it’s advisable to check the most up-to-date fee schedule with the court.
2. Attorney Fees: While individuals can file for Chapter 13 bankruptcy without an attorney (pro se), it is highly recommended to hire an experienced bankruptcy attorney to navigate the process successfully. Attorney fees for Chapter 13 cases can vary based on your location, the complexity of your case, and the attorney’s experience. On average, attorney fees for a Chapter 13 case in Missouri may range from $2,320 to $4,450 or more. These fees can often be included in your Chapter 13 repayment plan.
3. Credit Counseling and Debtor Education: As with other bankruptcy chapters, you must complete two mandatory courses: a pre-filing credit counseling course and a post-filing debtor education course. These courses typically cost around $26 to $58 each, but some agencies may offer them for free or at a reduced fee based on your income.
4. Miscellaneous Costs: There may be additional expenses related to your Chapter 13 bankruptcy, such as notary fees, postage, photocopying, and transportation costs for attending court hearings or meetings with your attorney. These costs can vary depending on your specific circumstances but are generally relatively low.
5. Chapter 13 Trustee Fees: In Chapter 13 bankruptcy, a trustee is appointed to administer your case and oversee your repayment plan. The trustee’s fees are typically included in your monthly plan payments, and a percentage of each payment is allocated to cover these administrative costs.
6. Plan Payments: In a Chapter 13 bankruptcy, you’ll be required to make monthly payments as outlined in your court-approved repayment plan. The amount of these payments will depend on your income, expenses, and the terms of your plan.
7. Exemption for Low-Income Filers: If your income is below 150% of the federal poverty guidelines, you may be eligible for a waiver of the Chapter 13 filing fee or the opportunity to pay it in installments. You must request this waiver or installment plan from the court and provide evidence of your income.

It’s important to remember that while Chapter 13 bankruptcy involves costs and fees, it also provides a structured way to repay your debts and potentially retain valuable assets like your home and car. Bankruptcy laws and fee structures can change over time, so it’s crucial to consult with an attorney who can provide current information and guide you through the Chapter 13 bankruptcy process in Missouri based on your specific financial situation.

Reliable Bankruptcy Attorneys in Missouri

Below is a list of reputable bankruptcy attorneys in Missouri. They can help you with both personal and business bankruptcy information.

Boul & Associates, P.C.
1 E Broadway suite b, Columbia, MO 65203, United States

Mitchell J. Moore – Attorney at Law
1210 W Broadway, Columbia, MO 65203, United States

Watton Law Group
800 Market St #2150, St. Louis, MO 63101, United States

A Bankruptcy Law Firm, LLC
1409 Washington Ave #401, St. Louis, MO 63103, United States

The Law Office of Andrew Magdy
2702 Macklind Ave, St. Louis, MO 63139, United States

Missouri Zip Codes We Proudly Serve:

St. Louis

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Springfield

65807, 65802, 65803, 65804, 65810, 65806, 65809

Columbia

65203, 65202, 65201, 65215

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