Few things come with as many powerful benefits as a Chapter 13 bankruptcy in Missouri and Illinois. However, in order to get protection from foreclosure, credit card debt help, and stop wage garnishments, you must follow the Chapter 13 rules.
First, you must determine if you are even eligible to file for Chapter 13 bankruptcy in Missouri or Illinois. While a St Louis, Missouri or Belleville, Illinois bankruptcy attorney would be able to tell you if you were eligible during a free consultation, it is usually best to be prepared before you speak with him or her.
What rules must you follow to be eligible to file? – Your unsecured debts (credit cards, medical bills, etc.) must not exceed $336,900. – Your secured debts (home or car loan) must not exceed $1,010,650. – If you’ve had a previous bankruptcy case dismissed for failure to appear in court or comply with orders, you typically have to wait 180 days from the time it was dismissed until you can file again. – You must complete and file your credit counseling certificate before filing. – A company cannot file a chapter 13. It must be an individual. – Your income flow must be consistently above your reasonable living expenses.
Sounds easy enough, huh? Filing bankruptcy can become a much more difficult process if you don’t have the guidance of a St Louis Missouri or Belleville Illinois bankruptcy attorney. Making sure you have your credit counseling, determining if you have enough income, and totaling your debts is a lot of work and can easily confuse anyone who doesn’t have experience in the bankruptcy field.
You certainly can file bankruptcy by yourself but it is imperative that you do copious amounts of research to make sure you know about every hurdle that may appear throughout your case. Determining if you are eligible is just the first in a long list of Chapter 13 rules you must follow.
If you choose to file with a Missouri or Illinois bankruptcy lawyer, you may find it will save you money as well as time and frustration. Either way, make sure that you educate yourself on the benefits of Chapter 13 bankruptcy in Missouri and Illinois before you decide it is the right choice for you.
Begin educating yourself with free information made available by experienced attorneys in your area. While most attorneys offer free consultations, the best ones typically offer articles, blogs, and bankruptcy FAQ that address your toughest questions.
Missouri Bankruptcy attorney James Brown has been working to relieve the debt of hard-working American families for over 15 years. He has dedicated his career to educating consumers about options for debt relief and has released 5 publications, including, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.” You can request a free copy at http://www.castlelaw.net
