Many Missouri residents and business owners have experienced financial distress in recent years. For some, things have gotten so out of hand that they’re struggling to make ends meet. In such cases, it is sometimes best to seek debt relief support by filing for Chapter 7 bankruptcy. Anyone who does so, however, must attend credit counseling sessions to qualify.
Anyone who wishes to alleviate debt through the Chapter 7 program must prove that the credit counseling program was completed within the previous six months. Sessions must be provided by an approved counseling agency. A person must also submit several forms, including a formal petition requesting Chapter 7 relief.
Some debts are not dischargeable
After credit counseling sessions are complete and all necessary forms are submitted to the court, the process is initiated, and an automatic stay immediately takes effect. Some debts are not dischargeable through bankruptcy, including certain. Taxes and child support. The petitioner will still be responsible for paying them.
In Missouri and throughout the country, tens of thousands of people have been able to get their finances back on track and restore solvency by seeking bankruptcy protection. The credit counseling sessions have also helped many people learn how to better manage their finances. Sometimes, legal complications arise during the Chapter 7 bankruptcy process, which is one reason why retaining an experienced bankruptcy attorney at the outset is important.
