Chapter 7 Bankruptcy Lawyers in Springfield, MO
If you have medical bills or credit card debt piling up, your financial problems may seem insurmountable. You may be wondering how you can come back from your current financial situation. Our bankruptcy attorneys can guide you through the process of filing for Chapter 7 bankruptcy and help you get a fresh financial start.
Schedule a Free Consultation
Filing for bankruptcy isn’t easy. At Reynolds & Gold Law, our attorneys can help you protect your assets and advise you on the best course of action. During your initial consultation, which is free of charge, our bankruptcy lawyers will help you analyze all of your options, so you can determine if filing for Chapter 7 bankruptcy is right for you.
Experienced Bankruptcy Attorneys
Reynolds & Gold Law is ready to help you. For almost 30 years, our bankruptcy attorneys have helped people diminish their debt. We’ve filed an immense number of Chapter 7 cases and helped our clients wipe away thousands of dollars in debt.
Combined Years of Experience
WHAT OUR CLIENTS SAY
As an experienced law firm, Reynolds and Gold has had the privilege of helping thousands of clients navigate the complex world of bankruptcy. Here’s what they have to say.
This is the best law firm in Springfield! Mr. Reynolds along with Jennifer, helped me get through my bankruptcy. They... read more
Very pleased with the service I received throughout my bankruptcy. I communicated with Jennifer the most and she was amazing.... read more
How Does Chapter 7 Bankruptcy Work?
Chapter 7 bankruptcy provides the opportunity to cancel most debts and start over with a clean slate. To file, you will describe your property, income, and debts. Once you file for Chapter 7 bankruptcy, an automatic stay will stop creditors from collecting on your debts temporarily. When you file, the court will determine if you have to give up nonexempt property. With some exceptions, the majority of your debts may be discharged when your bankruptcy case closes.
Documentation Needed to File
In Chapter 7, you need to provide your attorney with the following documentation:
- Valid photo identification & proof of your social security number
- Tax returns for the last two years
- Last two W-2s along with copies of your pay stubs for the last 6 months
- If you own real estate, you will need proof of that properties fair market value
- If you own a car, you will need proof of its value, how much you owe, & the monthly payment amount.
- Recent bank statements for all accounts, including retirement accounts
- List of all the assets you own
- List of all creditors you owe money to
Fees & Cost to File
In order to file for Chapter 7 bankruptcy, you’re required to pay a filing fee of $338, which can be paid in installments if granted permission by the court. As a part of your filing, you will also be required to take a credit counseling course that can cost anywhere from $20 to $100.
Whether you are an individual or a business, you may be able to wipe away many of your debts by filing for Chapter 7 bankruptcy. This type of bankruptcy can discharge the following debts:
- Personal income taxes that meet certain requirements
- Repossession and foreclosure debts
- Court judgements
- Credit card debts
- Personal loans
- Business debts
- Payday loans
- Medical bills
- Back rent
Filing for Chapter 7 bankruptcy may not be right for everyone. For example, child support and student loans cannot be discharged. If you make too much money you may not qualify for Chapter 7; for those who are behind on their home or auto loans, Chapter 13 bankruptcy may be a better option.
Exemptions are an essential part of any Chapter 7 bankruptcy filing, as they determine whether or not you get to keep your house, car, or other property. Any property deemed “non-exempt” could be potentially be sold by the bankruptcy trustee appointed to your case to repay unsecured debts to your creditors. Our experienced bankruptcy attorneys can help you determine the best way to approach exemptions, whether federal or state to protect your assets.
Credit counseling can determine if you need to file for bankruptcy. Before you file for bankruptcy, you are required to go through credit counseling. You must work with an agency to create a budget and debt management plan. After reviewing your repayment options, the agency may determine that filing for bankruptcy is your only solution. You can still file for bankruptcy even if the agency does not believe that bankruptcy is your only alternative.
Read More About Bankruptcy Law
Do you have questions about bankruptcy? Our resources can help you find the answers you need to navigate your current financial situation.
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