Attorneys For All Types of Personal Bankruptcy in Joplin, MO
Law firm helping Missouri families overcome their debt problems
Collins, Webster & Rouse, P.C. helps individual consumers find relief from debt through bankruptcy services. Whether your mounting debt is caused by a job loss, a prolonged illness or some other unfortunate circumstance, our bankruptcy lawyers can help you through your difficult times.
Understanding bankruptcy and its consequences
Bankruptcy is the name given to court proceedings designed to give an honest debtor a fresh financial start. The bankruptcy proceedings will determine whether debts can be reduced or even eliminated. Filing for bankruptcy can be simple or more involved depending on your particular situation. In all cases, our attorneys strive to make the process as painless as possible. Although a bankruptcy can proceed without any problems, sometimes the parties end up resolving issues in a courtroom. When that happens, it's best to have attorneys who are familiar with bankruptcy litigation.
What happens when you file for bankruptcy?
The two key bankruptcy procedures for individuals are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Our attorneys work toward whichever solution works best for you. Once we file your case in a federal court, all creditors must stop their collection activities. This means that the harassing phone calls and overdue notices will end immediately.
While some people worry about the effects of bankruptcy on their credit score, it is important to remember that falling further into debt also hurts your credit score. As soon as you file, you can begin rebuilding your credit. We work to dispel this and other bankruptcy myths.
Debt elimination through Chapter 7 liquidation
Chapter 7 bankruptcy is a trade-off. Your nonsecured debts are discharged in exchange for the sale (liquidation) of any nonexempt property. A primary example of debt that is dischargeable under Chapter 7 bankruptcy is credit card debt. Some debts, such as child support, aren't dischargeable under Chapter 7.
You may be able to keep your family home if it is an exempt asset. Exemptions can include clothing, jewelry, tools, furniture and more. If all of your assets are exempt under Missouri bankruptcy law, you may be able to have your debts eliminated without having to sell any assets. Chapter 7 is available to those with few assets and a relatively low income. Since the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), many individuals who were allowed to file under Chapter 7 are now required to use Chapter 13.
Chapter 13 bankruptcy gives you an opportunity to repay your debts
Under Chapter 13 debt reorganization, debtors make full or partial repayment of debts via a payment plan designed by our attorneys and administered by a court. The repayment period may be from three to five years long. At the end of the repayment period, any unpaid debts may be discharged by the bankruptcy court. In order to use Chapter 13, you must have a sufficient income. Debt reorganization may make sense for someone with debts that can't be resolved by Chapter 7 bankruptcy, such as student loans and child support, or someone whose income is too high for them to qualify for a Chapter 7 bankruptcy. Chapter 13 can sometimes be an excellent tool to save a home from foreclosure.
Contact an experienced Missouri bankruptcy law firm
Are you facing unmanageable debt? Collins, Webster & Rouse, P.C. helps you understand your options under U.S. and Missouri bankruptcy law. Call our Joplin office at 417.782.2222 or contact us online to schedule a free consultation.