Attorney at Law                                                    (314)200-5346

Bankruptcy Chapter 7  

Is Chapter 7 for you?

What is Chapter 7 Bankruptcy?

This chapter of the Bankruptcy Code is commonly referred to as liquidation, and is generally the chapter most people think of when the word "Bankruptcy" is used.  A debtor who files for relief under Chapter 7 of the Bankruptcy Code is allowed to keep assets up to the exemption limits provided by Missouri Statutes.  Any assets in excess of the exemption limits are liquidated, or sold to reimburse creditors.  The debtor is then granted a discharge of all debts that are unsecured and non priority debts.

Debts that can be discharged in Chapter 7 Bankruptcy include:
  • Medical Bills
  • Credit Cards
  • Deficiencies on Foreclosures or Repossessions
  • Unsecured Loans
  • Most Taxes over 4 years old 
  • Secured Debts if Debtor surrenders the attached property
Debts that can not be discharged in Chapter 7 Bankruptcy include:
  • Student Loans
  • Recent Taxes and Business Payroll Taxes
  • Child Support Obligations
  • Debts arising from criminal penalties, fraud and DUI/DWI personal Injury claims 
  • Secured Debts where the Debtor wishes to keep the property

How much does it cost to file Chapter 7 Bankruptcy for an individual?

Attorney Fee: $580*
Filing Fee: $335.00
Credit counseling and report fees: $65.00

Total: $980.00* 

*Additional Fees apply for joint cases, and those requiring special attention or additional planning

Can you keep your house, car or other valuable possessions in a Chapter 7 Bankruptcy?

Yes, to a certain extent.  Typically a debtor's interest in his/her home and/or vehicle and other valuable possessions is within the Missouri exemption limit.  If your assets are in excess of Missouri's exemption limits, a Chapter 13 Bankruptcy may be a better option.  Contact us to discuss the details of your assets and income to see if relief under the Bankruptcy Code is in your best interest.  

How long does Chapter 7 Bankruptcy take?

The entire process takes about 4-6 months from the date of filing.  The time before filing depends on your ability to provide your attorney with appropriate information and documentation.

How does a Chapter 7 Bankruptcy affect your credit?

A Bankruptcy will stay on an individual's credit report for up to 7-10 years.  However, for most people considering Bankruptcy, their likelihood to obtain credit after filing will improve.  Creditors are more likely to lend to an individual who has just gone through a Bankruptcy over an individual who is about to file.  If you are considering making any large purchases, I recommend a consultation to discuss how it could affect Bankruptcy.

Jonathan Brent

462 N Taylor Ave Suite 106

St. Louis, MO 63108

(314) 200-5346            

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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