Category Archives: Bankruptcy Questions

What Illinois or Missouri Bankruptcy Questions Can I Expect?

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It isn’t strange to wonder what kind of Illinois and Missouri bankruptcy questions you’ll have to answer–and how much you’ll have to reveal. In my experience, you must reveal everything.

Why do you have to give up some much information? Illinois and Missouri bankruptcy questions aren’t a way for an attorney to pry into your life but instead to get the real and accurate picture of the state of your financial situation. It isn’t possible for a St. Louis bankruptcy attorney to make a plan that will totally help you if he or she doesn’t first understand the state of your finances.

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You aren’t going to need to tell your attorney what you got on your pizza last night or the last book you read, but you are going to have to talk about your debts, your creditors, your belongings and their values along with income and expenses. This snapshot of your financial situation gives a great St. Louis bankruptcy attorney the tools he or she will need to figure out what debts can be eliminated, what debts you must pay back, and how to keep the property that you don’t want to lose.

The only person you are hurting by not being truthful is yourself. You could have spent time and energy on your bankruptcy for nothing. More importantly, intentionally giving false or misleading information to the bankruptcy court could lead the Trustee to believe you are attempting to bankruptcy fraud. The simplest consequence is that your case could be dismissed. You could, however, face more serious consequences like fines or even jail time.

Missouri and Illinois bankruptcy are very powerful tools, backed by federal law. Bankruptcy can provide you with benefits that no other tool can—protection from foreclosure, relief from wage garnishments, a solution to credit card debt, and much more. However, in order to get this very strong protection, you must be honest with yourself and your St. Louis bankruptcy attorney.

Answering these questions is a help to you, not a hindrance. In my experience, clients don’t have trouble answering them. Just keep the goal in mind. When it is all over, you and your family are free to build the life you dreamed of. A great bankruptcy attorney in St. Louis will help you make sure you’ve got the right questions answered and avoid any other mistakes that could get your case dismissed.

Missouri bankruptcy attorney Jim Brown is the owner and founder of Castle Law Office in St. Louis, Missouri. He has written five consumer guides, including his immensely popular debt relief guide, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.” To request a free copy of the book or just get more information on bankruptcy, you can visit his website at http://www.CastleLaw.net .


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www.legalhelpers.com – In most US state you may file bankruptcy and retain all of your personal belongings, including your house and car. Legal Helpers makes sure that all of your personal belongings are protected.
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Bankruptcy Questions – What You Should Know About Bankruptcy

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Most people can admit they are in at least some form of debt. Dealing with debt is never easy, especially if you find you owe a significant amount of money and cannot figure out any way to pay it off yourself.

You may just owe too much and not have a large enough income to be able to afford to pay it back, or have waited too long and have debt collectors hounding you and damaging your credit as each day goes by. Fortunately there are effective and reliable debt relief methods you can use to get out of debt and start to get back on track financially.

In the worst case scenario, bankruptcy may be the only option. Even though there are more people than ever filing for bankruptcy, the word is still somewhat taboo, as no one wants to admit they allowed themselves to get in so much trouble financially and it can be quite embarrassing. There is a lot of stigma and confusion surrounding bankruptcy and whether you or someone you know is considering going through with bankruptcy and has important bankruptcy questions, there are simple answers you should know.

One of the most commonly asked bankruptcy questions is “will this affect my credit,” and the answer is yes. There is no way to avoid having bankruptcy damage your credit rating and your credit report will be marked with a big bankruptcy stain which means you will likely not be able to get approved for credit of any kind, even a department store credit card, until five to six years later – once you have made most of your bankruptcy payments and have proven you can be responsible with paying back money owed. However, if you stop to consider how badly your credit is being damaged while your debts go unpaid, it is pretty easy to see that claiming bankruptcy is probably the better option in the long run.

Another of the most often asked bankruptcy questions is “will this cost money” and again, the answer is yes. Many people have a misconception that bankruptcy is a free process but this is actually not the case. In most situations, you go through a bankruptcy company and have to pay a monthly fee for a couple of years before you are actually considered as being debt-free.

Or you may be wondering another of the common bankruptcy questions, which is whether you are eligible to go through the bankruptcy process. Anyone is eligible to at least inquire and get more information, and hardly anyone is turned down. It is more a matter of deciding whether or not the debt you owe is great enough to even be worth going through bankruptcy for, or if you should instead go through with another debt relief method such as debt consolidation or credit counseling.

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Do you have bankruptcy questions? Get all your questions answered at my bankruptcy questions site, including how to get a mortgage after bankruptcy.


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The Glannon Guide to Bankruptcy: Learning Bankruptcy Through Multiple-Choice Questions And Analysis

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The Glannon Guide to Bankruptcy: Learning Bankruptcy Through Multiple-Choice Questions And Analysis


The Glannon Guide to Bankruptcy: Learning Bankruptcy Through Multiple-Choice Questions And Analysis
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The Personal Bankruptcy Answer Book: Practical Answers to More than 175 Questions on Bankruptcy
Take the guesswork out of bankruptcy. The Personal Bankruptcy Answer Book answers the most common questions people facing personal…
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Bankruptcy Questions

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Bankruptcy Questions

Bankruptcy may mean the disgrace or loss of the dignity of a once prominent and wealthy person/group. Yet, bankruptcy has a deeper meaning more than its social connotation. Answering some commonly asked bankruptcy questions shall shed light to what bankruptcy really is for those involved.

Bankruptcy has spun out of control and has hit a record high. A new bankruptcy law has been passed called “Bankruptcy Abuse and Consumer Protection Act.” Americans are very concerned with their high debt and are having to deal with this new law.

What exactly is bankruptcy?

Bankruptcy is federal processes intending to help a person/organization (consumers/businesses) eliminate their debts or repay them under the protection of the bankruptcy court. Thus, it gives people who are unable to pay their bills, the right to have a clean start financially.

Among common bankruptcy questions necessary to ask is the kind or the appropriateness of the bankruptcy.

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Are there different ways of filing a bankruptcy? What are their differences? Which type should I use?

Yes. Bankruptcies can be categorized as ‘liquidation’ (Chapter7) or ‘reorganization’ (Chapter13). Under liquidation bankruptcy, the bankruptcy court will discharge or wipe out most of the debts you owe upon request. In exchange for this though, the bankruptcy trustee can take any property you own that is not exempt from collection, sell it, and distribute the proceeds equitably to your creditors. Under reorganization (for consumers), you file a repayment plan with the bankruptcy court proposing how you will repay your creditors over time (saving you from other lawsuits). With the assistance and protection of the law, you must repay some of your debts in full (others may be repaid only partially or not at all) depending on what you can afford -on your income, extent of properties, and the amount and types of debt you owe.

Most people who meet the eligibility requirements choose Chapter7, because, unlike Chapter13, it doesn’t require them to pay back any portion of their debts. However, Chapter13 might be a better choice, depending on the situation, especially if you are behind your mortgage and want to keep your house, you can include those arrearages in your Chapter13 plan and repay them over time.

Another common bankruptcy questions are those about the freedom of choice of the bankrupt.

Here is the most crucial of all the bankruptcy questions.

Am I ‘free’ to choose between Chapter7 and Chapter13?

Yes if you meet the eligibility requirements or condition for both. However, you may not have a choice. If you have secured debts exceeding 3,000 and unsecured debts of more than 7,700, then you cannot use Chapter13. Also, those whose incomes are higher than the median family income may not be allowed to use Chapter 7 if their disposable income, would allow them to pay back some portion of the unsecured debt over five-years. Again, you may not have a choice – you’re in debt.

Once you have received bankruptcy discharge, you are free from any legal obligation to pay the creditors of your discharged debt in most cases. The record of your filing will be on your credit report for the next 10 years.

For answers to more bankruptcy questions, please visit Debt Consolidation Care.

Kasia writes about financial issues.


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