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Financial problems can be a tremendous source of stress for many people and may negatively affect many aspects of your life. There are many reasons that financial problems can occur, including the loss of a job, unexpected health problems, accidents, and just plain bad luck. Sometimes, debts can get so out of control that there a debtor has no option other than filing for bankruptcy in order to restructure or eliminate certain debts. Whether bankruptcy is right for you depends on a variety of factors, and discussing your situation with a St. Louis bankruptcy attorney is often the first step to a brighter financial future.
Among the most common form of consumer bankruptcy in Missouri is a type of bankruptcy known as Chapter 7. Also known as a liquidation bankruptcy, Chapter 7 operates by liquidating a debtor’s non-exempt assets and using the proceeds to pay off outstanding debts. Many of the debts that are not paid off are discharged in a Chapter 7 bankruptcy. The law does not seek to leave people destitute after a bankruptcy, however, and exempts several types of property from liquidation. Some exemptions in Missouri include the following:
There are other exemptions available as well, and it is important to discuss your situation with an attorney who is familiar with Missouri bankruptcy law. A bankruptcy attorney can help make sure that you keep as much of your property as possible while taking advantage of the debt relief provisions offered by bankruptcy.
If you are currently experiencing financial distress, bankruptcy may be able to help. To schedule a free consultation with an experienced St. Louis bankruptcy lawyer, call the Law Offices of Kenneth P. Carp today at 636-947-3600.
