Life for people in Missouri can be unpredictable. People can plan for things as much as they possibly can, but there are some things that people cannot plan for or control at all. This could be a car accident or another type of accident leaving the person with severe injuries. It could also be if the person is diagnosed with cancer or another major disease that requires significant medical treatment. These can completely change people’s lives as well as their families’ lives.
When these catastrophic injuries occur, people may not be able to work and that can put a significant financial burden on the person as they recover from their injuries. They may need to take out private loans or turn to credit cards in order to meet their monthly living expenses. They also could incur significant medical bills even with health insurance. After people incur all of these debts, it can be very difficult to dig themselves out of the hole even after they are able to go back to work.
However, people who find themselves in this situation may have options available to them. One of these options could be Chapter 7 bankruptcy. There are certain eligibility requirements though before people can file for Chapter 7 bankruptcy. One is that if the person earns more than the state median income there is a means test that is used to determine whether the person can proceed. However, other than that there are no minimums for the amount of debt and it does not matter if the person is insolvent or not. People filing for it must go through credit counseling within 180 days of filing though and cannot have had a bankruptcy petition denied within 180 days of filing.
Unfortunately many people in Missouri have incurred significant amounts of debt for various reasons. This debt can be a significant burden on the person and control everything they do. People may be able to achieve a fresh start though through Chapter 7 bankruptcy. This can be a long and complicated process though and consulting with an experienced attorney could be beneficial.