Chapter 7 Bankruptcy

The Most Common Form of Bankruptcy

Springfield Chapter 7 Bankruptcy Lawyers

At Debt Doctors of Missouri, we have successfully guided thousands of clients throughout the southwest region of the state through Chapter 7 bankruptcy filings. Chapter 7 is the most common form of bankruptcy and is the quickest and least expensive type of bankruptcy to discharge most debts and retain most assets, such as your car or your home.

Contact Debt Doctors of Missouri today to discuss your options.

How a Chapter 7 Bankruptcy Works

A Chapter 7 bankruptcy is commonly referred to as a “liquidation bankruptcy” because, if you have assets worth a lot more than your debt, these could be liquidated and sold by the Court to pay your creditors. Our team at Debt Doctors of Missouri will work diligently and aggressively to help you keep your property and use the provisions of Chapter 7 to help erase or reduce your debt. This type of bankruptcy allows you to get rid of most, if not all, of your unsecured debt, such as credit card debt, medical debt, signature and payday loans, collection accounts, repossession balances, lawsuit judgements, utility bills, and so on, while allowing you to keep your property.

Bankruptcy Stops Collection

You will get relief from creditor and collection agency harassment the day you file for bankruptcy. The Court will issue an “automatic stay” that bars collection calls, lawsuits, garnishments, repossessions, or foreclosures immediately.

Keeping Your Property in a Chapter 7 Bankruptcy

Exemptions are the laws that allow you to protect property from creditors so that, even after a bankruptcy, you will have the basics you need to return to a normal life. However, if you choose the wrong exemption, you can lose property. That is why you need an experienced professional to ensure the right law is claimed for you. You don’t have to lose your car or home in a Chapter 7 bankruptcy. You can “reaffirm” or keep secured loans, such as mortgages and car loans. These can be held at the same monthly payment and interest rate, allowing you to retain possession of your home or automobile. Sometimes we can even negotiate with a creditor to reduce the debt and/or interest rate on these obligations.

Tax Consequences of Filing Chapter 7 Bankruptcy

The discharge of debt through a Chapter 7 is not taxable. However, if you operate a business, you may lose the ability to carry over prior year tax losses after a Chapter 7 bankruptcy. We recommend that you consult a tax professional for further details regarding your specific situation.

"Jordyn Hill was incredibly knowledgeable, friendly and went out of his way with each and every time we had a question. His help will not be forgotten anytime soon and I strongly recommend him personally if you ever need help getting through the tough financial stuff."

- Twila W.

"I was disappointed to have to file bankruptcy at my age, but my lawyer Jordyn worked with me on the payment, and getting in and out court was so timely! High recommend this practice compared to all others!"

- Courtney B.

"I appreciate the expertise from Ted Tinsman. He handled my case both professionally and considerately."

- Cynthia L.

"Ted and his staff were amazing, and went above and beyond to assist me in a very difficult process. I worked directly with Jordyn Hill and he was knowledgeable, compassionate and attentive to my specific needs. I would recommend them to anyone. They are affordable, too!"

- Carrie W.

"Jordyn Hill was my attorney for my bankruptcy, and I couldn’t have asked for a better guy. He was sensitive, and understanding. I felt he truly cared about what I was going through. I would recommend Jordyn to anyone looking for a caring, sensitive attorney to help guide them through this journey. Thank you, Jordyn!"

- E. Poage

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