Manchester, Missouri Chapter 7 Bankruptcy Attorney Helps You Weigh Your Options

Missouri Bankruptcy Law Firm Focuses on Chapter 7

Those filing bankruptcy in Missouri will need to follow the appropriate steps, as outlined under the 2005 Bankruptcy Act.

Credit Counseling

The 2005 Bankruptcy Act requires all individual debtors who file bankruptcy to undergo credit counseling within six months before filing, and also to complete a financial management instructional course after filing for bankruptcy.

Means Test

Before you can file for chapter 7 bankruptcy in Missouri, you will have to complete a means test to determine whether or not you qualify. In a means test, your average income will be compared to the median income for Missouri, and if you income is lower, you can file for chapter 7. If it is higher, you will have to complete some additional parts of the means test to see if you might still qualify for chapter 7, or if you will need to file a debt reorganization plan under chapter 13.

Paperwork

When filing for bankruptcy, a number of documents must be gathered, including:

• An itemization of your current income sources
• Your major financial transactions during the previous two years
• A list of all the assets, including real estate, that you own
• Tax returns for the last two years
• Deeds to real estate that you own
• Titles to your vehicles
• Loan paperwork

Filing for Bankruptcy

Once you have completed the required credit counseling, means test, and paperwork, you will be ready to file your bankruptcy petition along with the other required forms, or schedules, at the appropriate Missouri district bankruptcy court. The cost for filing for chapter 7 bankruptcy is $335, and the fee may not be waived, although it may be paid in installments.

Are you considering filing for chapter 7 bankruptcy in Manchester, Missouri? Before you decide, get sound legal advice from an experienced bankruptcy attorney. James B. Day will review your circumstances and recommend the proper course of action for you. Contact The Law Office of James B. Day, LLC online or call 314-786-1218 to schedule your free initial case evaluation today.