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Posts tagged "Bankruptcy"

Does Chapter 13 discharge your debts?

Many people in Missouri struggle with debt. Mortgages, credit card bills, medical bills and other forms of debt can pile up and gather interest quickly, overwhelming your ability to pay them off. Once you're overwhelmed by debt, it can be nearly impossible to get out of it without seeking help from a debt relief professional.

Does Chapter 7 require people to sell everything they own?

Chapter 7 is often known as liquidation bankruptcy because it requires the filer to sell some assets in order to satisfy some of the outstanding debt to creditors. Many people are intimidated by this liquidation aspect of Chapter 7, thinking it will leave them nearly penniless. That is a misconception.

Basic process for starting a Chapter 7 Bankruptcy proceeding

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.

Eligibility requirements for Chapter 7 bankruptcy

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.

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