Chesterfield, Missouri Bankruptcy Attorney Will Protect Your Financial Interests

Missouri Bankruptcy Law Firm Helps Debtors Explore Their Options

Bankruptcy is an extremely stressful situation for families, businesses, and individuals. An experienced Chesterfield bankruptcy attorney like James B. Day guides debtors through complex and difficult financial situations and helps get them back on the road to economic recovery.

At The Law Office of James B. Day, LLC, we offer legal counsel in the following types of bankruptcy related matters:

• Chapter 7 bankruptcy
• Chapter 13 bankruptcy
• Small business bankruptcy
• Credit card debt relief
• Credit repair
• Bankruptcy alternatives
• Foreclosure
• Repossession and garnishments

Bankruptcy in Missouri

Each state has a set of bankruptcy exemptions that determine what property a debtor will be allowed to keep in a chapter 7 bankruptcy, and help determine how much will be paid to unsecured creditors in a chapter 13 bankruptcy. Some states allow bankruptcy filers to use the federal bankruptcy exemptions, but Missouri only allows the state's exemptions.

Means Test

Those filing for bankruptcy in Missouri must compare their income to that of a household of their size in the state – this is known as a means test. If their income is less than the median, they will likely be able to file for chapter 7 bankruptcy or use a three-year repayment plan instead of five years for chapter 13. If their income is above Missouri's median, they might still qualify for chapter 7, but will have to provide detailed information about their expenses and payments on secured debts to be considered.

The Law Office of James B. Day, LLC can give you options that will help make a positive impact on your financial situation and protect your rights during the bankruptcy process. Call 314-786-1218 for a free initial consultation today.