How to Find Bankruptcy Records in Missouri?
What option is available to citizens of Missouri who have incurred a huge amount of debt, but cannot pay? If the debt is too high then one possible option available is bankruptcy. Citizens who wish to file for bankruptcy must know about the different chapters available. The different chapters are
- Chapter 7
- Chapter 13
However, not many of you can declare bankruptcy easily. But if you look at the Missouri Bankruptcy Records you will find that you are not alone in this. Knowing this fact does not make it any easier.
Each chapter has different eligibility. Chapter 7 is liquidation. Filing for bankruptcy under this chapter does put a stop of the action of the creditor. However, it has a requirement. If the amount of money with you is higher than the requirement, you cannot file under Chapter 7. In that case, you have to file under Chapter 13.
Chapter 7 does protect your property in the form of exemption. But the trustee can sell the properties that are not exempted. In case all the property owned by you fall under the exemption, the creditor will not receive any money. This is because the trustee cannot sell anything.
This bankruptcy, however, does not provide a guarantee against repossession or foreclosure.
If you have enough money to pay a small amount of your debt then the option you should choose is Chapter 13. This kind of bankruptcy offers the debtors certain advantages that Chapter 7 bankruptcy does not offer. It allows you to prioritize the payments you are going to make. This bankruptcy allows you to keep all of your property including the non-exempted ones.
The catch is that you have to pay the value of the non-exempted property. In addition to that, you have to pay back the debt in part or full. The extent that you have to pay back will be determined after considering the extra money you have and the expenses that you have.
This bankruptcy lets you keep your property provided that you stick to the plan given by the court.
Reasons Why a Person Would Declare Bankruptcy
The main reason why a person would declare bankruptcy is that they are overburden with debt. These reasons include
- Non-dischargeable debts that they would like to get rid of
- Fallen back on payments but do not wish to give up the property
- Getting relief from debt
- Preventing garnishing of wages
- Lowering the payment amount for credit card bills
How Can One File for Bankruptcy?
There are two routes that you can take while filing for bankruptcy. The first is through an attorney and the second is by oneself. Both of them have their advantages and disadvantages.
The advantage of choosing an attorney while filing for bankruptcy is that the amount of work you have to do is less. But you have to pay for the attorney.
The advantage of choosing to file for bankruptcy without an attorney is that you need not pay their fee. But the disadvantage is that you have to do all the work by yourself.
Bankruptcy Records Missouri are they part of public records?
Yes, Bankruptcy Records in Missouri are public records. This has been done in the name of transparency.
How to view Missouri Public Bankruptcy Records?
Viewing Missouri Public Bankruptcy Records is quite easy. That depends on the amount of information you have. Missouri has an eastern district bankruptcy court and a western district bankruptcy court. If you know in which court the bankruptcy has been filed then you can get the information you need easily. However, if you are not sure you can search the Missouri Bankruptcy Public Records.
Findbankruptcypapers.com is one of the sites that you can use to find bankruptcy records. Another site that you can use is pacer.gov.