Overwhelmed By Debt? You Can Find Relief In Bankruptcy.

Bills and financial obligations are a part of life, and your circumstances may make it difficult for you to keep up. Filing for bankruptcy is a reasonable and beneficial option for many overwhelmed Missouri consumers, but the process can be stressful for applicants and their families. You do not have to walk through the bankruptcy process alone.

Since 2001, our attorneys at Tarry Law Firm, L.L.C., have assisted residents of Cape Girardeau and throughout southeastern Missouri with their bankruptcy matters. Our lawyers work rigorously to protect our clients’ financial interests, and for you, this may mean filing for bankruptcy. In every situation, we strive to achieve the most desired outcome for our clients, whether that is through consumer bankruptcy or another beneficial financial or legal option.

We Can Help You Take Control Of Your Finances

Filing for Chapter 7 bankruptcy may allow you to free yourself from debt and establish a clean financial slate. If you have substantial credit card debt, medical debt or debt stemming from divorce proceedings, pursuing Chapter 7 bankruptcy may be an optimal course for you. There are other options available if you have a significant amount of secured debt or do not qualify for Chapter 7 bankruptcy.

We carefully evaluate every case, taking into consideration financial history and other factors to determine the most appropriate course of action. Upon filing for bankruptcy, an automatic stay will go into effect. Banks and other creditors can no longer contact you or pursue collection efforts against you, which allows you the ability to focus on your bankruptcy plan and pursue a strong financial future.

Is Chapter 7 Bankruptcy Right For You?

You may be fit for a Chapter 7 bankruptcy if you have unsecured debts. However, you must meet Missouri’s income eligibility threshold or the means test. This evaluates whether you have enough money to pay back creditors. It compares your current monthly income to Missouri’s median income for your family’s size. If your gross income is below this benchmark, you pass the means test and can file for Chapter 7 bankruptcy.

Not qualifying for Chapter 7 is not an issue. We at Tarry Law Firm, L.L.C., can evaluate your case thoroughly to properly identify an option that fits your situation.

What Types Of Debts Does Chapter 7 Address?

A Chapter 7 bankruptcy covers these eligible unsecured debts:

• Credit card bills
• Medical and doctor debts
• Electric, water and gas bills
• Unpaid rent
• Deficiency balances after car repossession or home foreclosure

While Chapter 7 discharges different types of debt, it will not erase your family support obligations, student loans, criminal fines, drunk driving injuries and luxury purchases. We can help you segregate your debts so you can have an idea of how much a bankruptcy filing will remove.

Protecting What You Own: Missouri Bankruptcy Exemptions

When you file for bankruptcy, you do not lose everything. Missouri’s exemption laws protect your essential assets, such as homestead equity, motor vehicle, tools of the trade, retirement accounts and personal property. However, you can only keep them up to a certain limit. For instance, you can protect up to $8,000 in aggregate value for clothing, household appliances and furnishings.

If you own assets that exceed Missouri’s statutory exemption limits, the bankruptcy trustee may liquidate those nonexempt assets to repay creditors. However, options like Chapter 13 bankruptcy may allow you to keep nonexempt property while restructuring your debt.

Frequently Asked Questions We Receive About Bankruptcy

We answer the questions clients ask us about bankruptcy in Missouri.

Do I qualify for Chapter 7 bankruptcy in Missouri?

Generally, you qualify for Chapter 7 bankruptcy when you pass the means test. This means having an average monthly household income that is below the Missouri median income for your household size. A bankruptcy attorney can evaluate your current financial situation and provide detailed feedback during a free consultation.

How long does Chapter 7 bankruptcy take in Missouri?

A Chapter 7 bankruptcy in Missouri may take four to six months. However, this can stay open when unresolved disputes remain or the trustee is still selling your assets.

Call Tarry Law Firm, L.L.C., Today

Wage garnishment, foreclosure, constant phone calls from debt collectors and other consequences of debt can negatively impact your life. We understand how stressful your financial situation may be, which is why we work diligently to help clients understand legal options and find financial security through bankruptcy.

To learn more about how our bankruptcy lawyers can serve you, call Tarry Law Firm, L.L.C., at 573-988-7152 to arrange a free initial evaluation of your case. You can also contact us through our online form.

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