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st louis Chapter 7 Bankruptcy

Filing Chapter 7 Bankruptcy

Most bankruptcy fears are driven by common misperceptions about the bankruptcy process. In general, people have adopted a misguided fear of being berated by the court or returning to a home stripped bare by creditors after filing Chapter 7 bankruptcy. Fortunately, this is not the case. Here is an explanation of how the process works.

First, after a consultation with our bankruptcy lawyers and a brief credit counseling session, a debtor’s petition is created and filed with the Court. The Court will assign a Trustee to the case, and will send a notice to all of the creditors that the debtor has filed for bankruptcy and is under the protection of the Court. This notice will also list the date, time and place of the Meeting of Creditors, which is usually held about a month after the bankruptcy petition is filed.

The debtor(s) must go to the Meeting of Creditors, at which the Trustee will review their petition and ask any questions necessary to be sure he or she understands the debtor’s financial situation clearly. A TBC attorney also attends this Meeting to assist as needed. Creditors may also go to this meeting to ask questions of the debtor, but very few of them generally attend. If the debtor has more equity in an asset than is allowed under the exemptions provided by the appropriate state, the Trustee can seize this asset, sell it, and distribute the proceeds to the creditors.

If the debtor has chosen to surrender any collateral to the creditor, the creditor will contact him/her to arrange its return. If the debtor chooses to keep collateral and continue to pay for it, he/she will sign a reaffirmation agreement, a contract between the creditor and the debtor that allows the debtor to keep the property as long as it is insured and their payments on it are kept current. The debtor must complete a brief financial management course.

About four months after filing the Chapter 7 bankruptcy petition, as long as there are no creditor objections to the discharge, the Court issues an order discharging all unsecured debts included in the bankruptcy.

Contact TBC

For further explanations of the Chapter 7 process, or how you might be eligible for bankruptcy protection, contact us. We’re here to help you out of debt.

The Bankruptcy Company assists clients throughout Eastern Missouri with offices in Brentwood, MO and St. Charles, MO. Our bankrutpcy attorneys serve the needs of clients in the Greater St Louis area including: the City of St Louis, St Louis County, Jefferson County, Franklin County, and St Charles County (St Charles, St Peters, O'Fallon, Wright City, Warrenton, Wentzville and surrounding communities).

The choice of a lawyer is an important decision and should not be based upon advertisements.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.