{"id":5904,"date":"2023-07-24T07:48:14","date_gmt":"2023-07-24T12:48:14","guid":{"rendered":"https:\/\/westbrooklawgroup.com\/?page_id=5904"},"modified":"2023-08-03T07:52:29","modified_gmt":"2023-08-03T12:52:29","slug":"chapter-7-faq","status":"publish","type":"page","link":"https:\/\/westbrooklawgroup.com\/chapter-7-faq\/","title":{"rendered":"Chapter 7 FAQ in Missouri"},"content":{"rendered":"

Helping You Find a Fresh Financial Start<\/span><\/h2>\n

Are you wondering if Chapter 7 bankruptcy is the solution to your financial problem? At Westbrook Law Group LLC, we offer tailored legal services to meet your unique needs. We understand that <\/span>filing bankruptcy can seem overwhelming<\/b><\/a>, and we’re committed to simplifying this process for you. With a thorough knowledge of the Chapter 7 FAQ in Missouri, we’re ready to answer your questions and ease your concerns.<\/span><\/p>\n

From understanding Chapter 7 eligibility to navigating potential impacts on your assets and exploring the discharge process, our team stands by you at every turn. Trust us, at Westbrook Law Group LLC, to be your guiding partners during this challenging period, helping you embark on a journey towards a fresh financial start.<\/span><\/p>\n

Begin your journey towards financial stability today by exploring our comprehensive Chapter 7 FAQ in Missouri. For detailed and specific questions concerning your financial situation, schedule your free consultation with our <\/span>bankruptcy attorneys<\/b><\/a> right now. Your financial freedom is our priority.<\/span><\/p>\n

How Does Chapter 7 Bankruptcy Work?<\/span><\/h2>\n

Chapter 7 bankruptcy is a legal process designed to provide individuals and businesses with a fresh start by eliminating most of their debts. It is the most common form of bankruptcy in the United States and is <\/span>often referred to as “liquidation bankruptcy.”<\/b>\u00a0<\/span><\/p>\n

In a Chapter 7 bankruptcy, a court-appointed trustee takes control of the debtor’s non-exempt assets, sells them, and uses the proceeds to repay creditors to the extent possible.<\/span><\/p>\n

What is a Trustee in Bankruptcy?<\/b><\/h3>\n

A trustee in bankruptcy is a court-appointed individual responsible for administering bankruptcy cases impartially. Their role includes overseeing the distribution of assets and funds to creditors, based on the type of bankruptcy (chapter 7 or chapter 13). They do not represent the debtor or creditors or offer legal advice. The trustee’s duties are defined in the Bankruptcy Code (sections 323, 327, 341, 343, 345, 363, 364, 365, 704 for chapter 7 cases, and 1302 for chapter 13 cases). Additionally, the trustee presides over the first <\/span>meeting of creditors (341 Meeting)<\/b><\/a> and ensures the fair handling of the bankruptcy process according to the law.<\/span><\/p>\n

Am I Eligible for Chapter 7 Bankruptcy?<\/span><\/h2>\n

If you’re considering Chapter 7 bankruptcy as a way to find financial relief, it’s essential to understand the means test. This test plays a significant role in determining your eligibility for Chapter 7 bankruptcy and aims to prevent misuse of the bankruptcy system by high-income earners.\u00a0<\/span><\/p>\n

What is the Missouri Means Test?\u00a0<\/b><\/h3>\n

The means test in Missouri compares your recent income to the <\/span>median income of households of similar size in the state<\/b><\/a>. If your income exceeds these median figures, the means test proceeds to evaluate your disposable income. This is the income left after essential expenses like housing and food have been paid.<\/span><\/p>\n

How Does Disposable Income Influence Chapter 7 Qualification?<\/b><\/h3>\n

The means test examines your disposable income to assess whether you qualify for Chapter 7 bankruptcy. If you have enough disposable income that could be used to repay your debts, you may not be eligible for Chapter 7 bankruptcy.\u00a0<\/span><\/p>\n

In such cases, alternative debt relief options might be explored. It’s important to remember that certain debts are not discharged by Chapter 7 bankruptcy, including alimony, <\/span>child support<\/b><\/a>, criminal fines, divorce property settlements, <\/span>student loans<\/b><\/a>, and recent <\/span>income taxes and property taxes<\/b><\/a>.\u00a0<\/span><\/p>\n

Moreover, Chapter 7 does not exempt you from making mortgage and car loan payments. Failure to continue these payments could lead to foreclosure or repossession.<\/span><\/p>\n

Fully understanding the means test is key when contemplating Chapter 7 bankruptcy. Westbrook Law Group LLC is committed to helping you make informed decisions. Let’s navigate your financial future together. Contact us now for a free consultation today.<\/span><\/p>\n

How are Chapters 7, 11, 12, and 13 Cases Different?<\/span><\/h2>\n

Understanding the differences among the types of bankruptcy cases can guide you in choosing the most suitable option for your situation. Here’s a brief overview of the four common bankruptcy chapters:<\/span><\/p>\n