Basic process for starting a Chapter 7 Bankruptcy proceeding

| Mar 1, 2019 | Bankruptcy |

There are many big purchases that people in Missouri have to make during their lives. It could be purchasing a car, a house, paying for a vacation, a wedding and other things that the people like to purchase. However, sometimes unexpected things occur and people incur costs that they would rather not incur. This could be because of a medical emergency involving the person or a family member or many other reasons.

All of these things cost a lot of money though and most people do not have the cash readily available to pay for the entire cost. In these situations the person may have to take out loans, use credit cards and incur other forms of debt. This debt eventually needs to be paid off, but sometimes that task is easier said than done. If the debt adds up and it can quickly become overbearing and it may seem like people will never be able to pay it off. However, people who find themselves in this situation do have options available to them.

One of these options is filing to Chapter 7 bankruptcy. This is a process that allows people who qualify to have the chance to discharge their debt at the end of the process. However, there is a certain way that the people need to start the process. People start with filing a petition. This petition must be accompanied by schedules of their assets and debts, a current statement of their earnings and expenses, a statement of their financial affairs and copies of contracts they are bound by and current leases.

There are many unexpected events that occur through people’s lives in Missouri. As these events are unexpected, people cannot plan for them, which means that these events can put people in very difficult positions as they try and deal with them. They also can be very expensive and force people into overbearing debt. Luckily people may be able to get themselves free of that debt through Chapter 7 bankruptcy. There are many requirements that must be met though and experienced attorneys may be able to guide one through the process.