In Missouri, consumers may face overwhelming volumes of debt and, consequently, legal action if they mismanage them. For this reason, they need to evaluate their options for settling debt quickly. Chapter 7 bankruptcy lawyers in St. Louis, MO could provide clearer solutions for these obstacles.
Reviewing the Eligibility Requirements
Bankruptcy claims require the consumer to prove their eligibility first. The requirements for chapter 13 begin with an income that is greater than the county median. The median for St. Louis is $29,156. Any consumer with an income lower than this value are eligible for chapter 7 only. If they have a higher income, they are eligible for both chapters.
What to Expect Throughout the Liquidation Process
Chapter 7 bankruptcy requires the consumer to participate in the liquidation process. The process requires them to submit titles and deeds for the properties included in the claim to the court. A trustee is assigned to the case to manage the sale of these properties. Once the properties are sold, the trustee distributes the funds to the creditors listed in the claim. The consumer receives the exempted value for each property after it is sold.
What Are the Advantages of Chapter 7?
The major advantages of chapter 7 include the fast action. The claim lasts up to six months at the most, which allows the consumer to eliminate debts at a more accelerated pace. They also acquire an automatic stay throughout their case that helps them avoid foreclosure and repossession.
Credit Counseling Requirements
The consumer must attend a credit counseling program before they start their claim. They must provide the court with a certificate of completion for the program. Additionally, the program must be state approved.
In Missouri, consumers can manage their debt by filing a bankruptcy claim. They have two options based on their income. If they have an income lower than the county average, they are restricted to chapter 7 only. Consumers who need to hire chapter 7 bankruptcy lawyers in St. Louis, MO should visit Stlbankruptcyfirm.com for more information today.
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