Considering bankruptcy is always a difficult process, but it’s important to remember that bankruptcy is a legal financial tool and nothing more. It’s not a personal indictment of you or your financial responsibility. Choosing the form of bankruptcy that best suits your needs is an important part of the process. While it’s always in your best financial interests to obtain experienced legal counsel, it can help to understand the basics of Missouri bankruptcy law before your first meeting with an attorney. Here are some basics about the two most commonly filed forms of consumer bankruptcy, Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy
The vast majority of Missourians contemplating bankruptcy are best served by a Chapter 7 filing, which is designed to simply eliminate the burden of your debt (without the obligation of paying it back). There are several advantages to such a Chapter 7 filing:
- After your bankruptcy’s discharged, you’ll be awarded a fresh start—you’ll only be responsible for
