The Basics about Chapter 7 Bankruptcy Although each state has laws governing state exemptions in bankruptcy, bankruptcy is primarily governed by Title 11 of the U.S. Code. Chapter 7 is a liquidation bankruptcy (as opposed to a reorganization). In a Chapter 7 bankruptcy, the bankruptcy trustee can sell the debtor’s non-exempt property in order to help pay their creditors. Chapter 7 is the most common kind of bankruptcy filed by individuals. The U.S. Bankruptcy Code provides a list of exemptions, but each state can also establish their own list of exemptions. Your exempt property is safe from the bankruptcy trustee, and that’s why determining what property is exempt is so important. In many cases, you can only exempt property in a category up to a certain value. The limits on the value apply to the equity in the property, not the value of the property as a whole. Cost to file chapter 7 in Missouri The chapter 7 filing fees in Missouri are $338, but that doesn’t tell the whole story of the real cost to file bankruptcy. Bankruptcy lawyers usually charge between $1,000 and $2,000 to file a chapter 7 case, in addition to the filing fee. Missouri Bankruptcy Court Locations There may be options short of filing bankruptcy, and the sooner you speak with a Missouri bankruptcy attorney, the more likely it is that you will have other options. However, if you do file for bankruptcy, you will want to speak with your attorney regarding your exemptions and the property you will be able to keep. A good Missouri bankruptcy attorney knows how to protect your assets. You can file for bankruptcy in either of two districts: Eastern District: United States Bankruptcy Court, Thomas F. Eagleton US Courthouse, 111 S. 10th St., 4th Floor, St. Louis, MO 63102, Phone: (314) 244-4500 Western District: U.S. Bankruptcy Court, Western District of Missouri, 400 E. Ninth St., Room 1510, Kansas City, MO 64106, Phone: 816-512-1800 FacebookPinTweetEmail National Bankruptcy Forum Help us match you with a local attorney Free Bankruptcy Evaluation "*" indicates required fields First Name* Last Name* Phone* Email* Δ Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Save my name, email, and website in this browser for the next time I comment. Δ
The Basics about Chapter 7 Bankruptcy Although each state has laws governing state exemptions in bankruptcy, bankruptcy is primarily governed by Title 11 of the U.S. Code. Chapter 7 is a liquidation bankruptcy (as opposed to a reorganization). In a Chapter 7 bankruptcy, the bankruptcy trustee can sell the debtor’s non-exempt property in order to help pay their creditors. Chapter 7 is the most common kind of bankruptcy filed by individuals. The U.S. Bankruptcy Code provides a list of exemptions, but each state can also establish their own list of exemptions. Your exempt property is safe from the bankruptcy trustee, and that’s why determining what property is exempt is so important. In many cases, you can only exempt property in a category up to a certain value. The limits on the value apply to the equity in the property, not the value of the property as a whole. Cost to file chapter 7 in Missouri The chapter 7 filing fees in Missouri are $338, but that doesn’t tell the whole story of the real cost to file bankruptcy. Bankruptcy lawyers usually charge between $1,000 and $2,000 to file a chapter 7 case, in addition to the filing fee. Missouri Bankruptcy Court Locations There may be options short of filing bankruptcy, and the sooner you speak with a Missouri bankruptcy attorney, the more likely it is that you will have other options. However, if you do file for bankruptcy, you will want to speak with your attorney regarding your exemptions and the property you will be able to keep. A good Missouri bankruptcy attorney knows how to protect your assets. You can file for bankruptcy in either of two districts: Eastern District: United States Bankruptcy Court, Thomas F. Eagleton US Courthouse, 111 S. 10th St., 4th Floor, St. Louis, MO 63102, Phone: (314) 244-4500 Western District: U.S. Bankruptcy Court, Western District of Missouri, 400 E. Ninth St., Room 1510, Kansas City, MO 64106, Phone: 816-512-1800