Filing for bankruptcy is not an easy choice. You feel frustrated and anxious while worrying about your future and your family’s well-being. You may also feel like a failure.
We understand, and we’re here to offer you help and hope.
The bankruptcy attorney at Groce & DeArmon, P.C., can help you file for bankruptcy in Missouri.
We answer frequently asked questions about filing bankruptcy in Missouri in today’s blog.
How do I file for bankruptcy in Missouri?
- Decide whether you want to file Chapter 7 bankruptcy or Chapter 13 bankruptcy. A bankruptcy attorney can assist you with this decision and help you with this process. Although you do not need an attorney to file, the federal court system highly recommends it due to proper filings, deadlines, and handling any issues with creditors.
- Take the means test. This offers a way for you to determine if you can file for Chapter 7 bankruptcy based on your debt load and income levels.
- Attend credit counseling. Before you file for bankruptcy, you must go through a credit counseling course. You will need to show the court that you attended credit counseling.
- File a petition with the court. Bankruptcy filings occur through federal court, no matter what state you live in. The overall process takes about 90 days from this point.
How much does it cost to file bankruptcy in Missouri?
Filing fees are $338 for Chapter 7 and $313 for Chapter 13 bankruptcy in Missouri as of Dec. 1, 2020. Fees are set by federal law. Low-income filers can have fees waived. Attorneys fees vary, and some attorneys can make a payment plan with you through legal aid. Typically, the first consultation is free.
What are exemptions for filing bankruptcy in Missouri?
Exemptions vary from state to state. The Missouri Revised Statutes set up how much income or assets are exempt from federal bankruptcy protection, meaning you get to keep some of your income.
Common exemptions include:
- Equity of your home of up to $15,000 or up to $5,000 in a mobile home.
- Up to $3,000 of equity in a motor vehicle, even if you just purchased a vehicle within the last year.
- $600 wild card exemption to go towards any nonexempt property.
- Up to $3,000 of personal property, including clothing, household appliances, furniture, animals, health aids, and musical instruments.
- As much as $1,500 for a wedding or engagement ring and $500 for any other type of jewelry.
- Up to $1,500 for firearms and ammunition.
- All tax-exempt retirement accounts and health savings accounts.
Can an attorney help me with filing bankruptcy in Missouri?
Yes, an attorney can help you file bankruptcy in Missouri. This occurs in federal court. Contact the dedicated bankruptcy attorney at Groce & DeArmon, P.C., or call us at 1-800-640-3706 in Missouri or (417) 862-3706 for a free initial consultation.