There are several steps to filing a Chapter 7 or Chapter 13 Bankruptcy in Missouri. In this blog, we will discuss a portion of the process that applies to either Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.
Credit Counseling Before Filing for Bankruptcy:
The first step is credit counseling. You must attend credit counseling within 180 days before filing a Chapter 7 or a Chapter 13 Bankruptcy.
Financial Management Course After Filing for Bankruptcy:
You must complete a financial management instructional course after filing for Bankruptcy protection and before discharge (when your bankruptcy is completed).
The Bankruptcy Means Test
Your income and expenses must be analyzed by your Bankruptcy attorney to determine if you qualify to file a Chapter 7 Bankruptcy or if you must file a Chapter 13 Bankruptcy. The “Means Test” requires the bankruptcy court to look at your average income for the 6 months prior to filing Bankruptcy and compare it to the median income for Missouri. If your income is below the median Missouri income, then you can choose to file a Chapter 7 Bankruptcy. If your income is greater than the median Missouri income, your Bankruptcy attorney must complete further calculations to determine if you can file Chapter 7 Bankruptcy or if you must file Chapter 13 Bankruptcy.
Gathering Bankruptcy Records
When preparing to file for Bankruptcy relief, there are records you must gather including
- A list of all your current income sources and pay records
- A list of all major financial transactions for the last two years
- A list of your monthly living expenses
- A list of all debts (including unsecured debts like credit cards and secured debts like your home or car)
- A list of all personal and real property (personal property includes furniture, jewelry, collections, etc. and real property includes your home and any other real estate you own)
- Your tax returns for the last 2 years
- Deeds to any real estate you own
- Your car(s) titles (includes boat and other property titles)
- Documents for any loans you may have
Our next blog will contain more of the Bankruptcy process.
The Bankruptcy Process is Complicated, You Need Trusted and Experienced Bankruptcy Lawyers
As you can see from the above, the Chapter 7 or Chapter 13 Bankruptcy process is complicated. You need our trusted and experienced Kansas City Bankruptcy attorneys at Troppito Miller Griffin, LLC, to guide you through this process. Don’t hesitate, call us today.