andrew-smith

How to Find the Best Bankruptcy Attorney in St. Louis

Tue, 10 Mar 2026 01:23:25 GMT

How to find the Best Bankruptcy Attorney in St. Louis

If you’re reading this, you’ve probably been carrying the weight of debt for a while now. Maybe it’s credit card balances that snowballed after a job loss, medical bills that wiped out your savings, or creditor calls that start before breakfast and don’t stop until you silence your phone at night. You’ve thought about bankruptcy. You’ve probably put it off, too, because the idea feels heavy, even shameful. But you’re here now, and that takes courage.

The next step is choosing the best bankruptcy attorney in St. Louis for your situation, and that decision matters more than you might think. Not every attorney is the same, and the person you choose will shape your entire experience. At AKS Law, I’ve helped thousands of people in St. Louis work through this process. This guide breaks down what separates a great bankruptcy attorney from an average one, so you can make a confident decision and start moving forward.

Personal Attention: Who Actually Handles Your Case

One of the first things people overlook when hiring a bankruptcy lawyer is finding out who will actually work on their case. At many larger firms, the attorney you meet during your initial consultation may barely touch your file after you sign. Your paperwork gets passed to a paralegal. Your calls get routed to a receptionist. And when something urgent comes up, you’re left waiting days for a callback from someone who had to pull up your name just to remember who you are.

That’s not how it should work, especially when you’re dealing with something as personal as your finances. The best bankruptcy attorneys in St. Louis handle your case directly. They know your name, your situation, and the details that matter, because they’ve been involved from day one.

At AKS Law , that’s exactly how I operate. My name is Andrew Smith, and when you hire me, you work with me from your first phone call through your discharge. There’s no middle-man, no rotating staff, and no surprises about who’s handling your case. I’m a solo practitioner, which means my name is on every filing and my attention is on every client. Before you hire any St. Louis bankruptcy attorney, ask one simple question: “Will you personally handle my case, or will it be passed to someone else?” The answer tells you a lot.

Focused Experience in Bankruptcy Law

Bankruptcy law is its own world. The difference between a Chapter 7 filing and a Chapter 13 repayment plan can mean thousands of dollars and years of your life. A general practice attorney who files one or two bankruptcies a year simply doesn’t carry the same depth of knowledge as someone whose entire practice revolves around financial relief.

When a bankruptcy attorney focuses solely on this area of law, they build familiarity that makes a real difference. They understand how Missouri’s state exemptions work, including the homestead, vehicle, and personal property protections that determine what you keep when you file. They know the local trustees in the Eastern District of Missouri, how those trustees evaluate cases, and what raises red flags during creditor meetings. That kind of knowledge doesn’t come from handling a handful of cases on the side.

I’ve spent more than 13 years practicing bankruptcy law in St. Louis and have handled thousands of cases across Chapter 7, Chapter 13, collections suit defense, and mortgage foreclosure defense. Bankruptcy isn’t one of several things I do. It’s everything I do. That focus means I can spot problems before they become obstacles and find the strategy that gives you the strongest path forward.

Availability When You Actually Need It

Financial emergencies don’t follow business hours. A garnishment notice shows up on a Friday afternoon. A creditor threatens a lawsuit over the weekend. The anxiety of wondering what happens next keeps you up at 2 a.m. In those moments, the last thing you need is a voicemail box and a promise that someone will return your call “during regular business hours.”

When you’re comparing St. Louis bankruptcy lawyers, ask about their availability. How quickly do they return calls? Can you reach them outside of normal office hours? Do you get the attorney directly, or a call center?

My phone is answered 24 hours a day, 7 days a week, including weekends and holidays. I give my clients my cell phone number because when someone is going through a financial crisis, they should be able to reach their attorney whenever something comes up. You shouldn’t have to wait until Monday morning to get answers when your stress doesn’t take the weekend off.

Credentials That Signal Trustworthiness

Not every rating or badge you see online carries the same weight. But a few third-party signals are worth paying attention to when you’re narrowing down your list of top bankruptcy lawyers in St. Louis.

Avvo’s rating system evaluates attorneys based on experience, industry recognition, and professional conduct. An Avvo Client’s Choice Award, which requires a significant number of positive client reviews, indicates that real people had strong enough experiences to write about them. Better Business Bureau accreditation shows a commitment to ethical practices and responsiveness to client concerns. And membership in the Bar Association of Metropolitan St. Louis reflects professional standing within the local legal community.

I hold an Avvo “Excellent” top-rated designation in bankruptcy and have earned the Avvo Client’s Choice Award with over 120 five-star client reviews. I also hold an A+ rating with the BBB and am a member of the Bar Association of Metropolitan St. Louis. Expertise.com has also recognized me among the best bankruptcy attorneys in the St. Louis area. These aren’t things I bring up to boast. They’re filters you can use when you’re comparing attorneys and trying to figure out who has a consistent record of actually taking care of their clients.

A Bankruptcy Attorney Who Serves All of St. Louis

Federal bankruptcy cases in Missouri are filed by district. If you live in the St. Louis area, your case will go through the United States Bankruptcy Court for the Eastern District of Missouri . An attorney who regularly practices in this court understands local procedures, local trustees, and how things actually work day-to-day in that courthouse. That kind of familiarity can make a real difference in how smoothly your case moves forward and how prepared you are at every step.

I serve clients throughout St. Louis city, St. Louis County, St. Charles, Washington, and the surrounding communities. Whether you're dealing with overwhelming medical debt, credit card balances, or the threat of foreclosure, geography shouldn't be a barrier to getting help. With two office locations and flexible scheduling, including virtual consultations, I make the process as convenient as possible regardless of where you're located.

Questions to Ask Before You Hire a Bankruptcy Attorney in St. Louis

Walking into a free consultation can feel intimidating, but you deserve to know what you’re getting before you sign anything. Here are questions that will help you evaluate any bankruptcy lawyer you’re considering:

Will you personally handle my case, or will it be passed to a paralegal or associate?

This is probably the most important question on the list. You want to know that the person sitting across from you is the same person who will be filing your paperwork, attending your creditor meeting, and answering your calls.

How many bankruptcy cases have you handled, and how long have you been practicing bankruptcy law?

Volume and longevity matter. An attorney who has handled thousands of cases over more than a decade will have seen situations like yours before and know how to navigate them.

What is the difference between Chapter 7 and Chapter 13, and which one might apply to my situation?

A good St. Louis bankruptcy attorney should explain this clearly, without jargon, and help you understand which path makes more sense given your income, debts, and goals.

What are your fees, and are there any costs beyond the attorney fee I should expect?

Transparency about pricing matters. You should know the full picture before committing, including court filing fees and credit counseling requirements.

How quickly can we move forward, and what happens to creditor calls in the meantime?

If you’re being harassed by creditors or facing a garnishment, timing is everything. The automatic stay that goes into effect when you file stops most collection activity immediately.

How will you communicate with me throughout the process?

You should feel comfortable reaching your attorney when you have questions, not left wondering whether your message disappeared into a void.

Frequently Asked Questions About Finding the Best Bankruptcy Attorney in St. Louis

How do I find the best bankruptcy attorney in St. Louis?

Focus on three things: whether the attorney practices exclusively in bankruptcy law, whether they will personally handle your case, and whether they regularly file in the Eastern District of Missouri. Local experience matters because trustees and procedures vary by district. Check verified client reviews on Avvo and Google, confirm their BBB rating, and use a free consultation to judge whether they communicate clearly and make you feel confident. Andrew Smith of AKS Law has practiced bankruptcy law exclusively in St. Louis for over 13 years and handles every case personally from start to discharge.

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 eliminates most unsecured debts like credit cards and medical bills within three to four months. Chapter 13 sets up a structured repayment plan lasting three to five years, which can help you catch up on mortgage arrears or keep assets you might lose in a Chapter 7. Missouri's state exemptions, including homestead, vehicle, and personal property protections, affect what you keep under either chapter. The right choice depends on your income, debt type, and financial goals, and a St. Louis bankruptcy attorney can walk you through both options after reviewing your situation.

How much does a bankruptcy attorney cost in Missouri?

Attorney fees vary by case complexity and chapter filed. Chapter 7 generally costs less than Chapter 13 because it involves less ongoing work. Court filing fees are $338 for Chapter 7 and $313 for Chapter 13. Most St. Louis bankruptcy attorneys offer free initial consultations and payment plans. Get a clear breakdown of all costs, attorney fees plus filing fees plus any required credit counseling costs, before you commit.

Will filing for bankruptcy stop creditor calls and wage garnishment?

Yes, immediately. Filing triggers an automatic stay, a federal court order that stops all collection activity the moment your petition is filed. That includes creditor calls, letters, lawsuits, wage garnishments, and foreclosure proceedings. If you are facing a garnishment or imminent foreclosure in St. Louis, timing your filing correctly can make a significant difference, which is another reason to work with an attorney who knows the Eastern District of Missouri.

How long does the bankruptcy process take in Missouri?

Chapter 7 cases in Missouri typically take three to four months from filing to discharge. Chapter 13 cases run three to five years because they involve an active repayment plan. Cases filed in the Eastern District of Missouri follow local court procedures that an experienced St. Louis bankruptcy attorney will already know, which helps avoid delays from procedural errors or trustee issues.

Talk to a St. Louis Bankruptcy Attorney Who Will Handle Your Case Personally

You now know what to look for in the best bankruptcy attorney in St. Louis: personal attention, focused experience, real availability, and a track record that other people can confirm. Filing for bankruptcy is one of the hardest decisions you may ever make, but it’s also one of the bravest. The right attorney doesn’t make the process more intimidating. They make it less scary, more manageable, and something you can actually get through.

At AKS Law, I’ve spent over 13 years helping people throughout St. Louis find real financial relief through bankruptcy. Every client works directly with me from the first conversation to the final discharge. My phone is answered 24/7, and your first consultation is free.

If you’re ready to take the next step, contact us online to schedule your free consultation. You don’t have to figure this out alone.

Bankruptcy Myths: Determining Fact from Fiction

Tue, 21 Feb 2023 21:37:07 GMT

There’s no need to come into this process with the attitude of being defeated because you will be victorious in your journey with the help of your experienced St. Louis bankruptcy lawyer.

But, the first thing you have to do, and I can’t stress this enough, is to stop listening to and believing all the false information about filing for Chapter 7 or 13 and start believing in the positive future that will be rendered by finally committing to paying off your past debts!

Some Popular False Myths About Bankruptcy

The last thing you should do is listen to what you hear from random people about how bankruptcy works because the fact of the matter is the situation is not going to be the same from individual to individual. Why? Well, for one thing, some people are much deeper in debt than others!

For example, one of the myths I hear all the time is that after a person files for bankruptcy, they won’t ever be able to take out a loan again. As your St. Louis bankruptcy lawyer, I can tell you that this is absolutely not true and that it is quite the opposite for many people who are currently in your exact same situation.

Untrue myths like this about bankruptcy keep so many folks from filing every year. It’s sad because when they listen to the well-circulated lies about Chapters 7 and 13, a person will many times remain in the same dreary financial situation for many more months or even years, all because of listening to fictional information.

But, the written statement from the United States Federal Reserve System is clear, and most people do get some type of credit offer within a year and a half after filing for bankruptcy! You have to remember that you are doing something responsible for a change to fix your financial future. So, please, don’t let what you hear about bankruptcy when you are out and about in your neighborhood change your mind about moving forward with it.

Contact Your St. Louis Bankruptcy Lawyer for the Facts about Bankruptcy

It’s important to remember that you are looking at your situation from your perspective. And yes, I know that it’s really heavy on you from that viewpoint.

But, when you begin to see how your financial life is going to be changing just a short while from now, you’ll laugh when you hear the lies about bankruptcy again because you’ll now know the truth and be glad that you were brave enough to actually do something about your debt.

I want to see you through to the end. I know that you are eager to see how I can assist you in effectively transforming your financial thinking and putting you on a path to better credit. You’ll be there soon enough, and the first step is to contact me directly at AKS Law by dialing 314.740.2989.

Bankruptcy Myths: Determining Fact from Fiction

Tue, 21 Feb 2023 19:28:11 GMT

Bankruptcy Myths: Determining Fact from Fiction

There’s no need to come into this process with the attitude of being defeated because you will be victorious in your journey with the help of your experienced St. Louis bankruptcy lawyer .

Some Popular False Myths About Bankruptcy

Contact Your St. Louis Bankruptcy Lawyer for the Facts about Bankruptcy

It’s important to remember that you are looking at your situation from your perspective. And yes, I know that it’s really heavy on you from that viewpoint.

Navigating Your Way Through The Bankruptcy Process

Thu, 16 Feb 2023 21:39:41 GMT

You’ll benefit greatly from the help of a reputable St. Louis bankruptcy lawyer because trying to see your own way through the complicated bankruptcy process can give you a headache that’s as large as your past debts!

How Your Creditors React to Your Filing of Bankruptcy

You know how you’ve been experiencing so much tension and anxiety lately because of all the emails and phone calls about your overdue debts? Well, maybe it may bring you some comfort to know that the creditors will not harass you once you have filed your case! In fact, they will no longer be able to call, email or contact you in anway once you file!

Following the Guidance of Your St. Louis Bankruptcy Lawyer

If you’ve come this far, then you more than likely have your mind and heart set on filing Chapter 7 or 13, and are simply tired of the stress and weight of your financial burdens. Some people are skeptical, and that’s normal. But, there is a way that you can be much more clear that you are, in fact, making the right decision.

Let’s say that you make about $50,000 a year, and you have accumulated debts that come up to over $25,000. This is a sign that bankruptcy is a wonderful choice for your best financial future, according to experts.

For example, NerdWallet recently reported that if you have past debts that are more than half of what you make annually, then you are moving in the right direction. This is especially true if, looking ahead at the next 60 months, you don’t see any other way to get out from underneath your debts other than filing for bankruptcy.

Contact Your Trusted St. Louis Bankruptcy Lawyer

Some people attempt to navigate their way through the bankruptcy process on their own and end up deciding to acquire the help of an attorney later. They eventually decide to utilize the services of a credible St. Louis bankruptcy lawyer for structure, peace of mind, and guidance from a legal professional who has been through it with people just like you, time and time again.

All of that being said, to get the answers to the bankruptcy questions that have been running around in your head for some time now, please don’t hesitate to contact me today at AKS Law by calling 314.740-2989.

The Top 5 Surprises about Bankruptcy

Mon, 13 Feb 2023 21:41:39 GMT

It’s my job as your St. Louis bankruptcy attorney to let you know about any surprises that you may not be aware of…so here goes!

Surprise #1: You Have One Court Hearing After Filing!

Don’t worry. This Court hearing is not as stressful as you may think. It is called the Meeting of Creditors. In the vast majority of cases, there are no creditors appearing at this hearing. Also, since COVID-19, this hearing is completed over the phone. No need to attend in person!

Surprise #2: It’s Not Going to Happen Overnight!

The process of Chapter 7 bankruptcy generally lasts approximately 90 days, and with Chapter 13 it can be 36 to 60 months. However, the moment you file your case is when the automatic stay is implemented. This means the crediotrs have to stop contacting you!

Surprise #3: Yes…You Have to Pay Money to File for Bankruptcy!

“What?! I’m already in debt!” you may be thinking. “Why do I need to pay to go bankrupt??”

As a St. Louis bankruptcy lawyer who has heard just about everything under the sun when it comes to comments like the one above, I know firsthand that most folks don’t have a lump sum ready to file. Thankfully, our office offers payment plans. While we can’t file your case until it is paid in full, we can definitely do payments.

Surprise #4: Certain Debts Simply Can’t Be Eliminated!

I’ll go over these more with you during your initial consultation with me. But yes, there are some things that even filing Chapter 7 or 13 can’t erase. A few of these things are certain unpaid taxes, any unpaid alimony or child support, and often times many student loans.

Surprise #Five: You Often Do Not Lose Any Assets in a Bankruptcy!

Under Missouri Law, individuals are granted exemptions that allow property to be protected under certain dollar amounts. It is important to talk to a St. Louis Bankruptcy Attorney to know what is and is not protected!

Can a Bankruptcy Stop the Foreclosure on My Home?

Mon, 06 Feb 2023 21:43:23 GMT

Absolutely! Is your house about to be sold on the court house steps due to missed payments? If you are behind on your mortgage payments and facing the threat of foreclosure, filing for bankruptcy can provide immediate relief. Having a knowledgeable St. Louis Bankruptcy Attorney is important when helping protect your home!

Upon a bankruptcy filing, the automatic stay goes into effect that prevents creditors from taking any collection action against you. This filing, for instance, immediately stops the lenders right to foreclose on your home. Depending on your situation, a bankruptcy may provide you the additional time needed to catch up the payments or provide you an opportunity to catch up the arrearage through a court ordered repayment plan.

Chapter 7 and Chapter 13 are the two types of bankruptcy that can be filed to stop a foreclosure sale. In a Chapter 7 bankruptcy, the automatic stay will temporarily halt the foreclosure process. This means that you will still be responsible for paying your mortgage, and the lender can resume the foreclosure process after the automatic stay is lifted. Generally, a Chapter 7 only lasts approximately 3 months.

In most cases, our office will recommend that you file a Chapter 13 Bankruptcy if you are facing the threat of a foreclosure. In a Chapter 13 bankruptcy, a repayment plan can be proposed that includes your mortgage payments and pay off your mortgage debt over time. This can allow you to keep your home and avoid foreclosure. This is particularly helpful when the reason for falling behind on your mortgage was a period of unemployment. If you fall too far behind on your mortgage, they may not be willing to let you make it up with payments. When a mortgage company demands 10 payments need to be paid at once or else, well, often times it just isn’t feasible. This is where filing for bankruptcy can help. Give my office a call anytime at 314-740-2989 to discuss your options!

Can a Bankruptcy Stop the Repossession of My Vehicle?

Tue, 31 Jan 2023 21:45:19 GMT

It can be very stressful when every day you wake up and you wonder if your car is still in the driveway. Thankfully, filing a bankruptcy can stop the threat of repossession. Knowing your rights is a big reason why you should hire a St. Louis Bankruptcy Attorney! Upon a bankruptcy filing, an automatic stay goes into effect that prevents creditors from taking any collection action against you. This includes stopping a car lender from being able to repossess your vehicle.

There are two main types of bankruptcy that can provide this protection: Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, you do get a temporary protection from a repossession once your case is filed. However, you would still need to continue to make your payments on your vehicle if you wish to keep it after the bankruptcy ends. If you wish to surrender your vehicle, the Chapter 7 will discharge your liability in the vehicle and you will not have to pay back any remaining balance on the vehicle.

In a Chapter 13 bankruptcy, you can propose a repayment plan that includes your car payments and pay off your vehicle debt over time. This can be helpful because the Court’s interest rate may be more beneficial than the contract interest rate. Additionally, the Chapter 13 allows you to repay the vehicle up to 5 years. This can stretch out and reduce your outgoing monthly payment helping you financially.

It is important to file the bankruptcy prior to the vehicle being repossessed. Once they repossess the vehicle, you are not able to get it back by filing a Chapter 7. In certain circumstances, you can get the vehicle back after filing for a Chapter 13 bankruptcy. Consulting with a St. Louis Bankruptcy Attorney can help you understand your options and determine the best course of action for your specific situation.

You can call my office anytime at 314-740-2989 to discuss your options!

Can Bankruptcy Stop Garnishments on My Paycheck?

Thu, 26 Jan 2023 21:50:06 GMT

Garnishments are one of the most punishing ways a debt can be collected. Out of nowhere, you get your check and it looks short. You first think, hmm, was there an error by my payroll? Unfortunately, a past judgment from as long as a decade ago may be coming back and they have a right to garnishment 10 or 25 percent depending on whether you are head of household. This can be devastating.

Filing for bankruptcy can provide relief by stopping a garnishment due to the automatic stay which goes into effect immediately upon filing your case. Normally, our office gets a garnishment release about 2 days after the bankruptcy is filed. . When times are tough prior to a garnishment, having a large amount of your wages taken can be disastrous. Thankfully, filing for bankruptcy case help ease that burden.

There are two main types of bankruptcy that can provide this protection: Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, you may be able to discharge (eliminate) the debt that is being collected through garnishment and stop the garnishment altogether. In a Chapter 13 bankruptcy, you can propose a repayment plan that includes the garnished debt and pay it off over time. This can allow you to keep more of your wages and avoid the financial strain of garnishments.

When navigating how to address a garnishment it is helpful to talk to a St. Louis Bankruptcy Attorney about your options. Give our office a call anytime at 314-740-2989.

4 Common Misconceptions about Bankruptcy in St. Louis

Tue, 24 Jan 2023 21:54:49 GMT

There is a lot of information out there about bankruptcy – both good and bad. If you are considering filing and have done some research, you may have come across some misconceptions about bankruptcy and what it means to file. Here are some of the more common myths and misconceptions our office hears from clients and from the general public. For more information, call our office today to speak with a bankruptcy lawyer in St. Louis.

You’re Not Old Enough to File for Bankruptcy!

If you are on the younger side, you may get advice from friends and family who say that you’re “too young” to file for bankruptcy and that you have time to fix your debt. Well, that may be true in some instances, but for young people who are truly buried in bills, then filing for bankruptcy can be more of a blessing than a curse. The reality is that if you’re in financial trouble and don’t see a way out, filing as soon as possible means that you’ll be back on your feet sooner.

You Have to Be a Financially Irresponsible Person to File for Bankruptcy

You may think that only people who are financially irresponsible file for bankruptcy, but nothing could be further from the truth. In fact, U.S. News and World Report points out many other reasons someone would file, such as if they have recently gone through a divorce, or spontaneously lost a steady job.

When You File Bankruptcy, You’ll Lose Everything You Have!

Bankruptcy, contrary to popular opinion, is something that is supposed to help you, not hurt you. So, although it is hard to silence the myth that when someone files bankruptcy they will lose everything they have, any St. Louis bankruptcy lawyer will tell you that it is not true. There are ample exceptions available to filers which allow filers to keep certain amounts of specific types of assets. For example, there are exemptions for work tools, vehicles, personal property, and even the equity in your home. In fact, in most cases, filers are able to claim all of their assets as exempt, meaning they will not need to give up anything they own to enjoy the benefits of bankruptcy.

You Should File for Bankruptcy Without a Lawyer to Save Money

You can file for bankruptcy by yourself, but that doesn’t mean you should. Filing for bankruptcy is an extremely complicated process, and even the federal courts advise against filing without a lawyer. Filing with an attorney will ensure that you obtain the best outcome to your case.

Contact Your St. Louis Bankruptcy Lawyer Today

If you are behind on your bills and don’t see how you can catch up, you should call an attorney as soon as you can. For more information about how filing can improve your financial future, feel free to call me today at AKS Law.

How to Choose the Right Bankruptcy Option for Your Situation

Tue, 24 Jan 2023 21:52:51 GMT

If you are having trouble keeping up with your bills, St. Louis Bankruptcy lawyers know that the bill collectors and creditors are beginning to call you more and more. You need to be able to recognize the signs in your life that bankruptcy may just be the best option for you to improve your financial life, as well as the quality of your everyday life.

Some Signs Signifying Bankruptcy May Be Right for You

If any of the following situations sound like your situation, then there’s a good chance that bankruptcy could be your best option moving forward.

Financial Anxiety Has Entered Your Life

Financial problems can affect every aspect of your life and cause significant stress. It’s never easy to have to decide between groceries and rent. Even when the bill collectors are not calling, many of our previous (and no doubt future) clients regularly find themselves with their financial situation running through their mind all day, every day. This is one of the most potent signs that bankruptcy could be probably one of the best decisions that you could ever make in your life, especially for some immediate personal peace.

You are Behind on Your Monthly Bills

Every now and then, people get behind on their bills. That is just a fact of life. But, sometimes folks will let things pile up on them for long periods and, before they know it, the things that they had been trying to pay on monthly have become so overwhelming that they don’t see a way out.

These situations are at their worst when the monthly bill the person is behind on is something they need - like a car that they drive to work in, the rent payment for their apartment, or their mortgage payments.

It’s important to remember you are not along. For example, when it comes to how many people who are behind on car payments at any given time annually, Investopedia recently reported in November of 2022 that around three and a half percent of people who have a loan for a car, truck, SUV, or other kind of personal or everyday vehicle are currently behind on their auto loan payments.

You Don’t See a Way Out

Perhaps the most obvious sign that you should look into bankruptcy is when you don’t see a way out of debt. For example, if you are barely able to make the interest payments on your credit card and are on a fixed income, eliminating that debt through bankruptcy may be the best course of action. An experienced lawyer can help you determine whether you have other options or if bankruptcy is right for you.

Contact a St. Louis Bankruptcy Lawyer Today

At AKS Law Firm, we are committed to helping people just like you obtain a fresh start through bankruptcy. We offer completely free consultations and take calls 24/7. To schedule your case evaluation with a bankruptcy lawyer in St. Louis, call our office today or contact us online.

Ask a St. Louis Bankruptcy Lawyer: What to Expect During the Bankruptcy Process

Tue, 17 Jan 2023 22:00:52 GMT

Many people who are considering bankruptcy are confused or even anxious about what the process entails. Thankfully, a St. Louis bankruptcy lawyer can guide you through the process. The first thing to do would be to find out if you are eligible to file for Chapter 7 or 13.

If you are truly considering filing Chapter 7 or 13, then you need to start looking at which route to take. Once you know that bankruptcy will be an option, you need to complete a pre-filing financial management class. That being said, here is a list of approved pre-bankruptcy counseling services.

Next, a client will take what is called a “means test”. According to Investopedia , a means test is used to determine whether you qualify for a Chapter 7 bankruptcy based on your income. The means test averages your past six months of income. The means test also plays a roll in a potential Chapter 13 bankruptcy as well.

There are a few exceptions of income that is not included in the means test. For example, if you receive VA disability benefits or receive social security benefits, this would not be included in the means test. The amount of consumer debt you have also determines if you have to take this test. For example, if the majority of your debt is non-consumer debt (ie- business debt), then the means test is not necessary.

Also, if you are living beneath the Missouri Median Income level, then you won’t have to take the test. To determine this, take your monthly wages over the past six months and average them. Then, count how many people are in your household, and refer to this chart under “Missouri Median Income” to see your numbers.

Next, your forms will need to be submitted to the courts, which I will take care of as your St. Louis bankruptcy lawyer. You’ll then be assigned a trustee, and shortly after that there will be a meeting with your creditors where you’ll be asked about the state of your finances as well as the information you put on your court forms.

Contact Your Trusted St. Louis Bankruptcy Lawyer

My goal is to help to make your financial future as bright as can be, and the first step is to contact me here at my offices. You can do so easily by calling me directly at AKS Law by dialing 314-740-2989.

The Top 4 Benefits of Filing for Bankruptcy - and How a Lawyer Can Help

Tue, 17 Jan 2023 21:57:01 GMT

As a St. Louis bankruptcy lawyer, I can tell you that the eventual benefits of filing for bankruptcy are often well-worth the initial sacrifices you’ll have to make. Of course, filing for bankruptcy is not for everyone, and you should always discuss your situation with an attorney before making any decisions that can affect your legal rights.

Some of the most important benefits of bankruptcy are discussed in detail below. For more information or to get started, call today to speak with a lawyer.

You Can Stop Collection Attempts

For a long time now, you have likely been threatened by debt collectors with repossessions and other collection activities. For example, you may have a vehicle that you rely on every day that is now in danger of being taken away because you simply don’t have the means to pay your car loan.

When you file for Chapter 7 or 13 bankruptcy through your St. Louis bankruptcy lawyer, an interesting thing happens. All of a sudden, you begin to notice that you aren’t calls or letters from bill collectors, and it’s because of the automatic stay . The automatic stay is “an injunction that is generally imposed against certain creditors who want to start or continue taking action against a debtor or the debtor’s property.” In other words, when you file for bankruptcy, the calls stop.

You Can Avoid Wage Garnishments

When all you’re trying to do is take care of the most basic needs (like rent), the last thing you need is something to happen to your wages! So many people are already living paycheck to paycheck, many to the point they feel like eviction may be in their near future. In Missouri, creditors can take up to 25% of your pay. These spontaneous, scary instances can be avoided by filing for bankruptcy, and you can give yourself much more time to take care of your debt.

You Can Fix Your Credit

If you can make it through the initial period of bankruptcy when your credit will be negatively affected, you will make it to the light at the end of the tunnel, which is a future of a much better credit score! By filing for bankruptcy, you are able to get the negative reporting to stop due to the discharge of the debts. This will empower you to start getting your credit back on track.

You Can Finally Get Your Finances On Track

When you first file for bankruptcy, yes, your credit score will be unfavorably affected. It is advised during this period of financial recovery that you stay focused, and put off thinking about making large, unimportant purchases for a while. Think of your filing as your opportunity to finally get things right for yourself financially. It’s good to envision how positively your future will be affected instead of worrying about the financial sacrifices you have to make right now.

Contact Your St. Louis Bankruptcy Lawyer

If you are having trouble keeping up with your debts, you should call AKS Law Firm today. Attorney Andrew Smith has been helping people throughout the St. Louis metro area obtain freedom through bankruptcy. To schedule a free case evaluation, call our office today or contact us online.

Is My Filing For Bankruptcy Public Information?

Wed, 28 Dec 2022 22:04:39 GMT

This is a question that many clients ask us St. Louis bankruptcy attorneys all the time. The reason why they ask is simple…it’s because most folks feel that filing for bankruptcy should be a private matter.

But, just like when your favorite celebrity filed for bankruptcy (and everyone who wanted to find out about it was able to), the same will be true for you after you file. Yours probably won’t turn into a national news story like a celebrity’s might, but it will still be public information.

Bankruptcy in Missouri is Public Information

While there are ways that individuals can find out bankruptcy filings, it is generally not that easy to find. Bankruptcy filings do not show up on case.net. They also aren’t printed on any Court website. It is my experience that while there are public avenues to obtain bankruptcy filings, it is just not that easy to find. I often tell my clients they can rest assured that it is unlikely someone will be able to easily find out if you filed a bankruptcy.

Can I Remove My Bankruptcy from Public Record?

One of the most important things for you to remember is that your bankruptcy case is just like any legal proceeding. This is why as a seasoned St. Louis bankruptcy attorney I am always clear with my clients in the very beginning so that they are not surprised later on that what they are doing will be public record.

There is no way to remove your bankruptcy from the public record according to Upsolve . But, after ten years, it’ll still fall off your credit report.

Contact a Knowledgeable St. Louis Bankruptcy Attorney

If you or someone you know has any questions about what will happen during or after the bankruptcy process, then don’t hesitate to contact me today at AKS Law by calling 314-740-2989.

The Wait To Buy a Home After Bankruptcy

Tue, 27 Dec 2022 22:07:06 GMT

Steps to Take in Buying a Home After Bankruptcy

Overall, there will be general steps you’ll have to take when going about buying a home after you’ve previously filed for bankruptcy. The first and probably most obvious step (one that’s always pointed out by lending companies like Rocket Mortgage ) is to simply start out by rebuilding your credit to a level that actually qualifies you to purchase a home.

By filing a bankruptcy, you provide yourself the ability to start the credit rebuilding process. By removing the negative reporting, you are able to start really making a difference with your credit score. This will help you with not only a home, but with other forms of credit too!

The Homebuying Wait After Chapter 7

Many people realize that after filing for Chapter 7 bankruptcy it will take a decade for it to fall from your credit report. But, that doesn’t mean that you have to wait that long to buy a home! In fact, most people’s credit scores start improving within months of filing a bankruptcy!

For example, you could possibly get a HUD mortgage or a VA mortgage just 24 months after a Chapter 7.

The Homebuying Wait After Chapter 13

The amount of time that you will have to wait to buy a home after filing for Chapter 13 bankruptcy will be based on how you got into the financial position to have to file for bankruptcy in the first place.

For example, according to Forbes , if it is a USDA mortgage that you’re aiming for after a Chapter 13, there’s a chance that you'll be eligible, that’s if you either have completed your repayment plan or have been consistently adhering to the terms of that plan. This would be the case if you were applying for a USDA loan within 36 months of the bankruptcy.

To have a chance at getting a loan through the VA, you'd have to wait no less than a year after filing bankruptcy, and HUD requires borrowers with previous bankruptcies to wait at least the same amount of time.

Contact Your Local St. Louis Bankruptcy Attorney

You’ll hear all kinds of rumors when it comes to purchasing a home after filing for Chapter 7 or 13. But, the only way to truly know for yourself is by actually going through the process yourself, and by following the guidance of your attorney.

That being said, feel free to contact me at 314-740-2989 so we can schedule your initial consultation session.

The Annual Percentage of Americans That File for Bankruptcy

Mon, 26 Dec 2022 22:11:16 GMT

As an experienced St. Louis bankruptcy attorney, I know first hand that there are a number of reasons that you may now be considering it as a debt-relief option. And, you’re not alone, because hundreds of citizens file for Chapter 7 or 13 in Missouri every month.

Recent U.S. Bankruptcy Stats for 2022

When the average American citizen thinks about bankruptcy, they may sometimes associate the term with rich people who are probably spending more money than they actually make, which causes them to file for Chapter 7 or 13. Credit problems are one of the most popular reasons that Americans file for bankruptcy, and is the reason that many people in our area of the Show-Me State seek out the services of a trusted St. Louis bankruptcy attorney.

But, did you know that more and more people nowadays are filing for bankruptcy not only for unexpected occurrences such as a divorce or because of losing a long-time well-paying job? In fact, experts on the subject have concluded that, overall, the reason most people actually file is because of financial hardship, not for thoughtless overspending.

Sources indicate that there were around 400,000 bankruptcy filings in 2021 in America. And, although Statista reported that these filings have been declining over the last decade, they still counted just over 399,000 personal cases that year.

A little later Investopedia did their numbers, and counted a total of just over 401,000 filings by the end of 2021.

Recent Bankruptcy Statistics for St. Louis

When you look at the court’s case processing stats for 2021, you’ll see that there were over 5,500 cases filed in this area of Missouri (over 3,600 for Chapter 7, and 1,800 for Chapter 13). And, to give you an idea of how many people here file for either Chapter 7 or 13 bankruptcy every month, the courts reported over 430 of them in September of 2022 alone.

Call Your Trusted St. Louis Bankruptcy Attorney Today

If you have been examining your financial situation, and have been asking yourself whether or not filing for Chapter 7 or 13 bankruptcy would be a good option, then it’s easier than ever for you to find out by contacting me at AKS Law. Phones are answered 24/7 at both our Clayton and Franklin County offices, so don’t hesitate to give us a call today.

Can I eliminate Child Support Obligations in a Bankruptcy?

Wed, 21 Dec 2022 22:12:37 GMT

Despite being an unsecured debt, child support payments are not dischargeable in chapter 7 or chapter 13 bankruptcy. This means that if you owe child support, you will still be required to pay it even if you file for bankruptcy. However, bankruptcy may have some utility if you are dealing with child support arrearages. In some cases, you may be able to include past-due child support in a Chapter 13 bankruptcy repayment plan and pay it off over time. This can be a helpful way of addressing child support arrearages in an orderly way through the Trustee. It is important to speak with a St. Louis bankruptcy attorney to understand how your child support payments may be affected by bankruptcy. You can call attorney Andrew K. Smith directly at 314-740-2989.

Should I File for Bankruptcy If I Live Paycheck to Paycheck?

Tue, 20 Dec 2022 22:14:28 GMT

St. Louis bankruptcy attorneys are regularly often asked by people whether or not filing Chapter 7 or 13 bankruptcy is a good option for them. Sometimes it is, sometimes not; it just depends on how deep in debt you are and how your financial life will be after filing.

How Broke Do I Have to Be to File for Bankruptcy?

Go Banking Rates made a ranked list in early 2021 of states where people were most likely to be living paycheck to paycheck, number one being the state that had the least people going through this ordeal. And, although Missouri was pretty highly ranked for not having so many people in this bad situation (the Show-Me State ranked number six on the list when compared to every other state), many folks here still view bankruptcy as a real option when thinking about the wellness of their financial future.

Experts recommend thoroughly looking at your overall weekly/monthly financial situation before filing for bankruptcy. For example, Finance Buzz pointed out that there are many people who are living paycheck to paycheck who may consider Chapter 7, being that it could truly end up providing them with a clean slate to move forward in a better direction than before.

Why People Living Paycheck to Paycheck May Consider Hiring a St. Louis Bankruptcy Attorney

Whenever a person is living from paycheck to paycheck, it means that they are likely living in fear. Why? Well, there's always that sense of pending doom looming in their minds because if anything goes majorly wrong between paydays, it could end up being catastrophic for them and their family.

For instance, imagine a woman who has two children (one a toddler and one in elementary school) and is only making around $15 hourly at her restaurant job. She's paid bi-weekly, and after taking care of her immediate bills (rent, food, daycare, car note, etc.) each payday, she's left with hardly any money to do anything else.

Now, let's say her toddler gets sick, and she has to miss work to stay home for a few days with her. Or, let's say that her car spontaneously starts acting up, and she has to get the alternator fixed because it's her only way to get to work. Any kind of out-of-the-blue expense for a person who works paycheck to paycheck is a serious thing that can domino major financial chaos into their lives.

The example above is an example of the situation many low-income Americans find themselves in 2022. This is why so many people who have been weighed down by a situation like this for a long time will honestly begin to consider contacting a St. Louis bankruptcy attorney to see if filing for Chapter 7 or Chapter 13 bankruptcy is the best thing for them to do.

Call Your Trusted St. Louis Bankruptcy Attorney Today

If filing Chapter 7 or 13 is the right decision for you as a low-income Missourian who is living paycheck to paycheck, then it’s a decision you want to make with the proper legal guidance from a knowledgeable St. Louis bankruptcy attorney. Feel free to contact me today at AKS Law for your initial consultation and to begin regaining your overall peace of mind.

What is the Bankruptcy 341 Meeting (Also Known as Meeting of Creditors)?

Mon, 19 Dec 2022 22:16:45 GMT

A bankruptcy 341 meeting, also known as a meeting of creditors, is the main court appearance after a bankruptcy is filed. It is typically held around 30-45 days after the bankruptcy petition is filed. For many people who file bankruptcy, this is the part of the process they dread the most. The thought of creditors listening in and asking numerous questions just sounds terrible…..thankfully, the meeting of creditors is almost never like that!! Ironically named, the meeting of creditors RARELY involves creditors.

At the meeting, the bankruptcy trustee assigned to your case will ask you questions under oath about your financial affairs and the information you have provided in your bankruptcy petition. The primary purpose of this hearing is for the Trustee to determine whether you have any assets that can be liquidated and the funds distributed to your creditors. Also, the point of the hearing is to verify that the information filed with the Court is true and accurate!

The benefit of a bankruptcy attorney is their ability to determine whether any asset is at risk in a bankruptcy filing. There are very few liquidations in the majority of bankruptcy filings. While creditors may attend the meeting and ask you questions, this is rare. It is important to prepare for the meeting and to be truthful and accurate in your responses to the trustee's questions. This is why you would want to hire a St. Louis Bankruptcy attorney to assist you with your Case! Call Attorney Andrew K. Smith directly at 314-740-2989 to discuss your case today!

What Debts Am I Able To Discharge If I File for Bankruptcy?

Fri, 16 Dec 2022 22:18:48 GMT

The primary reason to file a bankruptcy is to eliminate your liability with your debts. But what debts can be discharged in a bankruptcy? In a Chapter 7 bankruptcy, most types of unsecured debt are dischargeable, which means that the debtor is no longer legally required to pay them. The most common examples are credit card balances, medical bills, pay day loans, personal loans and some tax liabilities. However, there are some types of debt that are not dischargeable in Chapter 7 bankruptcy, including:

Most student loans (with some exceptions)
Most taxes, unless they meet certain conditions
Child support and alimony payments
Debts incurred through fraud or misrepresentation
Debts from certain types of luxury goods or services incurred within 90 days of filing for bankruptcy

It is an important step to hire a lawyer when filing for bankruptcy so that you get a full understanding of what debt you are able to eliminate.

Contact Attorney Andrew K. Smith directly at 314-740-2989 to discuss your options!

What are Some Benefits for Filing for Bankruptcy?

Wed, 14 Dec 2022 22:21:42 GMT

Filing a Chapter 7 bankruptcy can provide numerous benefits. Here are several:

First and probably the most obvious. Bankruptcy can discharge (eliminate) most types of unsecured debt. This includes credit card balances, medical bills, and personal loans. By eliminating these debts, individuals can get that fresh financial start and allow you to move forward without the harassment from creditors and the burden of built up debt.
It can provide relief from creditor’s continued harassment. Imagine not getting call after call or letter after letter from creditors. Once you file for Chapter 7 bankruptcy, the automatic stay goes into effect. This automatic stay prevents creditors from taking any collection action against you, including calling you, sending you letters, or garnishing your wages.
It can stop garnishments and it can help you protect your assets. In a Chapter 7 bankruptcy, you may be able to exempt (keep) certain types of property, such as your home, your car, and your household goods. This can help you avoid losing these assets to creditors.
It can provide a faster resolution than other types of bankruptcy. Chapter 7 bankruptcy typically takes around three months to complete, while Chapter 13 bankruptcy can take three to five years. Trying to settle debt on your own could take years!!
Bankruptcy can actually improve your credit score in the long run. Many people incorrectly are told that you will never be able to obtain credit after filing bankruptcy. This is not true. While filing for Chapter 7 bankruptcy will initially have a negative impact on your credit score, it can help you get a fresh start and rebuild your credit over time. As long as you make your post-bankruptcy payments on time and manage your finances responsibly, your credit score should improve over time.

The reality of bankruptcy is it can provide true financial relief. Call Attorney Andrew K. Smith directly at 314-740-2989 to discuss whether filing for bankruptcy makes sense for you.

Should an Older Adult File for Bankruptcy?

Tue, 13 Dec 2022 22:23:33 GMT

As a long-time St. Louis bankruptcy law firm, we are aware that situations such as possible bank levies or income garnishments for past-due debts are scary for our current and future clients to think about. And, if you happen to be an older adult person (or anyone else of any age for that matter), then you should follow your gut by getting as much information as you can from your lawyer about how filing for bankruptcy may greatly relieve your situation.

Is There a Cutoff Age to File Bankruptcy?

The short answer to this question is no. In America, as long as you are over the age of 18, you have the legal right to file for bankruptcy. But, the real question for senior citizens is, is it a smart decision to do so in the latter years of your life?

Well, most seniors have property that is necessary for them to maintain a minimal standard of living, and creditors aren’t allowed to take those things away. These particularly important items are typically protected by various bankruptcy exemptions. As a result, many seniors can file for bankruptcy without having to worry about losing their important assets.

Some seniors are just sick and tired of getting harassing phone calls from creditors, or they may feel a sense of fear because of the possibility that creditors might levy their bank accounts. And, for those who don't know (or don't believe that it can actually happen to them), according to The Balance , when a bank account is levied, the bank can legally, spontaneously freeze your funds and give your monies to the creditors you owe until the debt is paid off.

Is It Smart to File Bankruptcy as a Senior Citizen?

For older adults, their biggest worry may not be creditors sticking their hands into their bank accounts. Instead, they may be worried that the assets they have being at risk from creditors upon their death. Or maybe it’s the day to day interactions with creditors. Often times, at any age, people are just sick of the incessant creditors always calling, texting, emailing or sending mail. It can definitely take a toll on one emotionally and physically.

Also, it's worth it to mention that just because a person gets older, it doesn't mean that they are immune to the trials and tribulations of life. For example, just like many younger men and women these days, seniors can also go through something socially and financially crippling, like a divorce, which could leave them in a situation where bankruptcy may very well be the best option.

According to Debt.org , another reason a senior citizen may consider utilizing the services of a St. Louis bankruptcy attorney in filing for, say, Chapter 7 bankruptcy is because Chapter 7 could completely eliminate debts that are currently putting a major strain on them financially.

Call Your Trusted St. Louis Bankruptcy Attorney Today

Financial debt can be emotionally and psychologically draining, especially for older adults who are just trying to enjoy their golden years. If you or someone you know could use some help and advice about possibly filing for bankruptcy, please, don’t hesitate to contact me today at AKS Law to schedule your first consultation session.

Is There Anything I Should Do Before Meeting a Lawyer?

Mon, 12 Dec 2022 22:26:14 GMT

Basic document preparation. This includes pay stubs, tax returns and any bills or collection letters. Your attorney will need to review these documents to determine which type of bankruptcy is right for you and to help you prepare your bankruptcy petition. Thankfully, much of this information is available online!
While an attorney will pull your credit reports, it may be helpful to make a list of all the creditors that may not be listed on your credit report. This might include pay day loans, medical bills etc.
Make a list of all of your higher valued assets, including real estate, vehicles, personal property, and any other valuable items. An attorney will go through a list of your assets with you when preparing your paperwork. However, it can be helpful if you have unique individual assets of value to have the item and estimated value written down.
Research the bankruptcy process and the different types of bankruptcy available. This will help you understand the options available to you and the potential consequences of filing for bankruptcy. However, major caveat, sometimes reading information online may send you down the rabbit hole. If you have concerns, this is what hiring a lawyer is all about so that you can walk through any issues you have!
Write down any questions you have for your attorney. This will help you make the most of your meeting and ensure that you get the information and advice you need.

At AKS Law, you can call our office and we can run through your situation to determine if you qualify for a bankruptcy. At that time we would also provide you a list of documents that would be needed in your particular case! Call attorney Andrew K. Smith directly today at 314-740-2989.

After-Bankruptcy Programs at Car Dealerships

Tue, 06 Dec 2022 22:31:56 GMT

As a St. Louis bankruptcy attorney with many years of experience in assisting people just like you with this major life change, I can tell you that when it comes to automotive dealers, they will target you like crazy after filing for Chapter 7 or 13!

Your life after bankruptcy will include a lot of things that you probably didn’t know about before you filed, and this is just one of them you'll want to look out for if you truly want your post-bankruptcy financial situation to be much better than it was before.

The Many Auto Loan Offers After a Bankruptcy

If you are the type of person who generally sees car salesmen as sly, slick manipulators who will do any and everything to sell you a vehicle, then this time, you are right, especially when talking about how diligently they seek out people who've recently filed for bankruptcy. This is why you get so many "after-bankruptcy program" letters in the mail from the car dealerships in your area following your filing.

Debt.org points out clearly how, although so many other things will be super hard to get a loan for, a car probably won’t be one of them. Still, according to Capital One , it is important to remember that although it may not be difficult to get a car after bankruptcy, you still need to get permission from the Courts if you are in a Chapter 13 repayment plan. Permission is not necessary in a Chapter 7.

Bankruptcy Mailers for Car Dealerships

There are many dealerships out there that have a whole game plan set up in trying to find folks like you who’ve just had a bankruptcy tacked onto their credit report. What they do is pay companies that are called “bankruptcy mailers'' to seek out the personal information of people in a certain area who just filed Chapter 7 or 13. And, it’s not hard at all for these mailers to collect your info, being that your bankruptcy is public information.

There are lists of companies that sell your personal info to dealerships. And, what ends up happening next is a huge mind game where the car dealership will try to make you feel special, being that they make it seem like a program that's "created especially and only for people like you."

This is why it is important to be selective if you are looking to get a new vehicle after bankruptcy. You will want to try to avoid vehicles with high mileage or vehicles with previous accidents. The interest rate is another major consideration. As your bankruptcy attorney, I am committed to answering your questions and help direct you to the best path forward in your particular situation.

Contact Your Local St. Louis Bankruptcy Attorney

If you have any questions about the before and after of filing for bankruptcy, then please don’t hesitate to contact us today at AKS Law by dialing 314.740-2989.

How Long Will a Bankruptcy Stay On My Credit Report?

Tue, 29 Nov 2022 22:33:37 GMT

My goal as your St. Louis bankruptcy lawyer is to set you on the right path to better credit by showing you how taking a loss right now (by filing for bankruptcy) can mean very positive financial progress in the future. But, you must have patience through the process.

Which Will Stay On My Credit Report Longer, a Chapter 7 or 13 Bankruptcy?

One of the main reasons a lot of people from the very beginning have negative feelings about filing bankruptcy is because of the rumors they’ve heard about it and how doing so could badly affect their overall lives. For example, many folks think that they will have to end up losing all of their belongings when they file, down to their personal items (this is not the case!).

As a seasoned St. Louis bankruptcy lawyer, I can tell you wholeheartedly that this is far from the truth, and so is the preconceived notion that if you were to move forward with filing Chapter 7 or 13 that you would never be able to get good credit again. This is so untrue, but, in the beginning, it can feel that way for some people because of the way the entire process works.

You see, when you file for, say, Chapter 7 bankruptcy, it's going to stay on your official credit report for a long time - ten years, to be exact, according to the American consumer credit reporting agency TransUnion . If you filed for Chapter 13, it will be seven years before it falls off your credit report.

This does not mean you are unable to get credit during this time. In fact, it’s usually the opposite. If your credit was in rough shape prior to filing, then a bankruptcy might put you on the path to better credit. This is because the negative reporting from unsecured creditors stops. This opens you to the ability to start rebuilding positive credit . And, with some patience, discipline, and persistence, your overall credit situation can end up in a much better place than it was before.

Is There Any Way to Remove a Bankruptcy from My Credit Report?

Credit bureaus have to follow the Fair Credit Reporting Act Section 605. This means that they can only get your info by (1) investigating your bankruptcy on their own by going through your public records, (2) by having your report validated by The United States Courts of the Eastern Districts of Missouri , or (3) by simply requesting your information from previous creditors.

And, no, there is no way to take the bankruptcy off of your credit report. In order for the bankruptcy to go away, you will have to wait seven or ten years after the filing date, according to Experian . It will fall off automatically after that time. However, just bear in mind that the key to getting new credit is your credit score. By actively rebuilding your credit after bankruptcy you will be able to improve your score and put yourself in a better situation moving forward.

Contact Your Local St. Louis Bankruptcy Lawyer

Don't allow fear, rumors, or common misconceptions about how bankruptcy works stop you from making the smart decision to give yourself a chance at a new beginning. And, if you're patient during the seven to ten-year period after filing Chapter 7 or 13, you can still meet your financial goals with the right legal assistance.

That being said, please don’t hesitate to call me today at AKS Law for your initial consultation.

What Does it Mean When Property is “Exempt?"

Tue, 18 Oct 2022 21:38:15 GMT

Property that is exempt are assets that are protected after you file. In other words, you cannot lose exempt property in a bankruptcy case. Fortunately, a St. Louis bankruptcy lawyer can evaluate your bankruptcy case and ensure that all of your eligible property is protected.

An Explanation of Exemptions

When many people hear the term "bankruptcy," their minds may go to the popular board game Monopoly , where if you lose the game, you literally lose it all - your property, your money…everything! But, in real life, it doesn't really work that way.

Chapter 7 Exemptions

If you file for Chapter 7 bankruptcy, then there is actually a very good chance of you keeping all of your assets. According to Debt.org , a trusted group of financial experts that advise everyday folks about issues such as bankruptcy, over 90% of people who opt for Chapter 7 won’t have their assets sold by a court trustee. When hiring a lawyer, that number should go up even higher towards 100%.

Chapter 13 Exemptions

Although with a Chapter 13 bankruptcy, your non-exempt property won't be sold, you still would be required to pay the equal value of that property towards any creditors you currently owe who do not have any collateral tied to the debt. This is not something that you would have to pay all at once, and your payments can be stretched out in most instances over the course of a 36 to 60-month schedule. It is important to consult with a lawyer to know how much you would have to pay your unsecured debt if you file a Chapter 13 bankruptcy.

What Qualifies as Non-Exempt Property?

According to Legal Consumer , in the State of Missouri, there are no federal exemptions for bankruptcy, but there are others. For example, Missouri has what is called a "homestead exemption," where you can guard your home's equity up to $15,000.

The Show-Me State also has an exemption for cars, trucks, and SUVs that will protect your much-needed mode of transportation while you are going through your repayment period. The vehicle's equity would be protected up to $3,000 with this exemption. There are exemptions for furniture, electronics, household goods, firearms, jewelry, clothing etc. There's also a "wildcard exemption" where you can choose to keep in your possession any non-exempt property of yours up to $600. If you have children, there are further exemptions that can be applied to your property. It is very important to talk to a lawyer to confirm that your assets are protected.

Contact Your Trusted St. Louis Bankruptcy Attorney Today

I understand that filing for bankruptcy, whether it is Chapter 7 or Chapter 13, is a transitional period in your life that can give you a fresh start. But, I also realize after handling these cases personally over the last 10+ years that clients such as yourself need to be guided by a legal representative who actually takes heart when it comes to your situation.

That being said, don’t hesitate to contact me anytime, 24/7 at AKS Law by calling me directly at (314) 740-2989.

What to Expect When You File for Bankruptcy

Wed, 07 Sep 2022 21:41:51 GMT

Are you in over your head with debt? Debt collectors calling you constantly? It may be time to consider filing for bankruptcy. While many of us shudder at the thought, filing for bankruptcy gives you a clean slate. It also helps to reorganize your finances and put debt behind you.

If you’re considering declaring Chapter 7 or Chapter 13 bankruptcy, let’s review the process and other important information.

Filing for Bankruptcy

Most people should retain a St. Louis bankruptcy lawyer to file their bankruptcy petition. Failure to file the bankruptcy correctly could result in losing assets like your home or car. It is important to speak with a lawyer to confirm that these assets would be protected in a bankruptcy.

These are the basic steps for filing most bankruptcy cases:

You collect documentation about your finances, debts, and income
You fill out the bankruptcy petition (your attorney will do this for you)
Once the case is filed, there will be an automatic stay in place, meaning debt collectors and creditors cannot contact you as the case is processed.
A court date will be set with your bankruptcy trustee. The trustee will review your case at the meeting whether there are any unprotected assets that can be liquidated
If the bankruptcy is approved, your debts will be discharged.
The process from the filing of a Chapter 7 to the discharge of the Chapter 7 is approximately 3 months

Types of Bankruptcy

Most filers choose Chapter 7 bankruptcy, which cancels all qualifying debt. You don’t need to repay your creditors at all. Chapter 7 is a good choice for most debtors because it’s fast. Also, most filers don’t lose everything they own.

For example, you can usually keep your retirement accounts, car, and even your home. You also can keep a certain amount of liquid cash and other assets, depending on the state.

In Missouri, you can usually keep the following:

$3,000 in personal possessions
$3,000 in equity in a vehicle (or $6,000 with a married couple)
$15,000 in equity in your real estate
$1,500 for engagement and wedding rings
$500 for other kinds of jewelry

Additionally, there are other exemptions which can protect assets that exceed the values listed above. Knowing whether your assets are protected is the job of your bankruptcy attorney. That is why you can call AKS Law and get the answers to your questions.

If you don’t qualify for Chapter 7, the other option for most of us is Chapter 13 bankruptcy. This kind of bankruptcy requires you to pay back your creditors over three to five years. The repayment could range for 0% to unsecured creditors to 100% for unsecured creditors. While repaying creditors isn’t what most people have in mind, there are advantages.

Let’s say you’re behind on payments on your home and you are in foreclosure. If you choose Chapter 13, you can work out a payment plan with the bank and keep the house. You also can reduce what you owe on unsecured debt.

Chapter 13 is more complex than Chapter 7. However, a skilled St. Louis bankruptcy attorney can easily handle either for you.

Contact a St. Louis Bankruptcy Attorney Today

If you are thinking about filing for bankruptcy, we understand it can be intimidating. But filing for bankruptcy can be a wise move for many people.

A St. Louis bankruptcy attorney can review your bankruptcy options and help chart a path forward. AKS Law has more than 10 years of assisting people with bankruptcy cases. Call (314) 740-2989 for a complimentary consultation.

Should You File for Bankruptcy During a Divorce?

Wed, 31 Aug 2022 21:44:30 GMT

When couples get divorced, financial and money problems are a leading cause, according to a 2018 survey. So it’s not surprising that many couples getting divorced may also need to file for Chapter 7 or Chapter 13 bankruptcy.

Filing for bankruptcy is a fresh start and often beneficial. But when divorce is also in play, there are many legal considerations. If you are filing for divorce and want to declare bankruptcy, it’s critical to time everything correctly.

Below are some advantages and disadvantages of filing for bankruptcy before, during, and after a divorce. Contact St. Louis bankruptcy attorney AKS Law at (314) 740-2989 if you have questions.

Filing Before a Divorce

The first option is to file for bankruptcy before your divorce. Filing for bankruptcy when you’re still married, you and your partner only need to pay a single filing fee. Also, both spouses can use the same bankruptcy attorney and split the costs.

Filing before your divorce also can make it easier to divide your property during the divorce. Typically, the family law court will divide your assets and liability. However, if you and your partner have a bankruptcy discharge of debts, you don’t have to make payments after receiving it. So, the court doesn’t have to divide the debts, which saves time.

However, if you need to file for Chapter 13 bankruptcy, it may be best to wait until the divorce is final. This type of bankruptcy involves setting up a payment plan that lasts three to five years. Therefore, if you file before the divorce, it will be years before the shared repayment plan is done.

Filing at the Same Time

Many attorneys do not advise clients to file for bankruptcy while going through a divorce. As a result, the bankruptcy and divorce cases affect each other, possibly causing frustrating delays.

When filing for bankruptcy, all non-exempt assets are part of the bankruptcy. So, the judge can’t divide the marital assets until the bankruptcy is finalized or until a Motion for Relief is granted from the bankruptcy court allowing the divorce to proceed. If there is child support and alimony, these also can slow the bankruptcy case.

Filing After the Divorce

Many couples choose to file for divorce, then file for bankruptcy later. Doing so can be the way to go if you want to file for Chapter 13 bankruptcy so you can keep more of your assets. It also can be advantageous if you can’t qualify for Chapter 7 because you earn too much income.

If you and your spouse both want to file for bankruptcy, waiting until after the divorce has disadvantages. Each partner will need to pay a separate bankruptcy filing fee. So, you’ll pay more in attorney costs.

Also, waiting until the divorce is complete to file for bankruptcy can help if the couple can’t get along. For example, when a divorce is messy and full of conflict, you might want to wait until the divorce is done to file for bankruptcy.

Further, filing for bankruptcy after the divorce can help if your combined income is too high to qualify for Chapter 7 bankruptcy.

There are many things to consider when filing for divorce and bankruptcy. First, it’s best to have your case reviewed by an experienced St. Louis bankruptcy lawyer.

Contact a St. Louis Bankruptcy Attorney Today

Do you need to file for bankruptcy and divorce? A St. Louis bankruptcy attorney can help you understand your options and next steps. AKS Law has more than 10 years of assisting people with their bankruptcy. Call (314) 740-2989 for a complimentary consultation.

Can Bankruptcy Eliminate Your Tax Debt?

Wed, 24 Aug 2022 21:47:35 GMT

You probably have many questions if you have tax debt and are thinking about declaring bankruptcy. A common question is whether filing for bankruptcy can eliminate your tax debt. Unfortunately, in many cases, it can’t, but several exceptions are highlighted below.

Eliminating Federal or State Tax Debt With Bankruptcy

If you owe back federal or state taxes, you may be able to eliminate the debt by declaring bankruptcy. However, note that payroll taxes and fraud penalties cannot be canceled with bankruptcy.

Conditions for discharging state and federal tax debt with bankruptcy are:

You didn’t file a fraudulent return or evade paying taxes. Discharging tax debt during bankruptcy requires you to have acted legally in filing your taxes.
The tax debt is a minimum of three years old, meaning the original US tax return must have been due at least three years before filing for Chapter 7 or 13 bankruptcy.
A tax return was filed at least two years before you filed for bankruptcy. Then, the tax return for the debt must be filed to cancel the tax debt. Usually, a true return wasn’t filed if all filing extensions expired and you didn’t file on time. So, you cannot eliminate that tax debt.
The tax debt needs to have been assessed by the Internal Revenue Service at least 240 days before you file for bankruptcy, known as the 240-day rule .

Discharging back tax debt is complex, so it’s always best to run your case by a St. Louis bankruptcy attorney.

What About Tax Liens?

Tax liens differ from tax debt. Tax debt means the money you owe Missouri or the IRS. However, a tax lien is a judgment the state or US government secures against your property to pay your taxes.

The debt will be discharged during bankruptcy, but it doesn’t remove the lien. Even if you don’t have to pay the debt, the lien still needs to be paid. It may make sense to do that as soon as possible, so you don’t have issues selling the property.

Automatic Stay During Bankruptcy

When you file for bankruptcy, an automatic stay kicks in, meaning most collection efforts must stop until the court decides on your bankruptcy. This automatic stay includes collection attempts for back taxes.

Remember to list the IRS as one of your creditors so the automatic stay can protect you, meaning the court will tell the IRS or Missouri that you filed for bankruptcy.

However, you may want to call the IRS and tell them about your bankruptcy. An example is if the IRS is about to sell your property when you file for bankruptcy.

Contact a St. Louis Bankruptcy Attorney Today

Are you considering filing for bankruptcy? Doing so is often smart and can give you the fresh start you desperately need. A St. Louis bankruptcy attorney can help you understand your bankruptcy options and next steps. AKS Law has more than 10 years of helping people with Chapter 7 and 13 bankruptcies. Call (314) 740-2989 for more information.

Bankruptcy and Child Support: FAQs

Wed, 17 Aug 2022 21:49:47 GMT

Bankruptcy gives many Americans the fresh financial start they so desperately need. If you pay child support and are thinking about bankruptcy, there are important things to consider. Below are some of the most common questions and answers about bankruptcy and child support obligations.

How Does Bankruptcy Affect Paying Child Support?

Chapter 7 bankruptcy can eliminate most or all of your debts if approved. However, bankruptcy does not eliminate your child support requirements. Additional factors to keep in mind:

The automatic stay does not stop the accrual of your child support.
The bankruptcy trustee overseeing your case is required to report on child support.
When there is money to pay your creditors, the bankruptcy trustee will pay arrears in child support first.
If you declare Chapter 7 bankruptcy, you’re responsible for child support when the case is finalized.
If you declare Chapter 13 bankruptcy , you’re required to pay off your child support arrears in three to five years.

How Does the Bankruptcy Court View Child Support Income?

Child support payments are considered income. That’s why child support is listed on the bankruptcy means test form. Therefore, when filing for bankruptcy, it’s essential to list child support on income on Schedule I.

Can the Bankruptcy Court Deny My Case Because I Owe Child Support?

No. The court cannot deny your bankruptcy case because you have child support debt. The bankruptcy will go forward. The court can deny your bankruptcy if you commit fraud or hide assets.

How Does the Automatic Stay Affect Child Support?

The automatic stay is a significant plus in declaring bankruptcy. When you file, the bankruptcy court orders your creditors to stop all debt collection activities. As a result, creditors cannot contact you or file lawsuits against you while the bankruptcy is pending.

However, the automatic stay does not stop the collection of child support. Only the court that sets up your child support payments can make any changes. Therefore, regardless of bankruptcy, your child support obligations remain.

Can Debts 'in the Nature of Support’ for Children Be Discharged in Bankruptcy?

When filing for bankruptcy, debts ‘in the nature of support’ may not be discharged. These debts are those incurred related to a child’s upbringing and welfare, except for unpaid child support.

For instance, if there are medical bills for healthcare the child received, bankruptcy doesn’t cancel that debt.

Bankruptcy and child support obligations are complex, but your St. Louis bankruptcy attorney can smooth things out for you.

Call a St. Louis Bankruptcy Attorney Today

Are you considering bankruptcy and paying child support? A St. Louis bankruptcy attorney can review your legal options with you. AKS Law has more than 10 years of assisting people with filing for bankruptcy. Please dial (314) 866-3955 for more information.

Does Bankruptcy Stop Wage Garnishment?

Wed, 06 Jul 2022 21:52:13 GMT

Wage garnishment can be a significant burden on your income. Bankruptcy can help relieve debt and stop wage garnishment, but not in every situation. Some debts cannot be discharged in bankruptcy. It is important to understand when bankruptcy stops wage garnishment - and when it does not. Our experienced St. Louis bankruptcy lawyer is here to answer all your questions about wage garnishment.

The “Automatic Stay”

As soon as a bankruptcy case is filed, the court issues an “automatic stay.” This order prevents creditors from trying to collect debt while the bankruptcy case is pending. Debt collectors must stop calling you, sending letters, and taking other actions to collect. The automatic stay can also stop certain wage garnishments. If, for example, you had a wage garnishment order related to credit card debt, this debt can be discharged in bankruptcy. That means that you can be protected from having your wages garnished while the bankruptcy case is pending.

Types of Wage Garnishment That Can Continue During Bankruptcy

Not every wage garnishment order will be stopped by the automatic stay. Some debts cannot be discharged in bankruptcy, such as alimony and child support arrears. These family support obligations will continue after a bankruptcy case is final, and your wages can be potentially be garnished for these debts while your case is pending. Other court orders (such as a criminal restitution order) can also be non-dischargeable debts that will not stop wage garnishment orders.

Other Options to Stop Wage Garnishment

Bankruptcy is part of a larger debt relief strategy. If your wages are being garnished due to a debt that cannot be discharged, there are still other options for stopping the wage garnishment. First, bankruptcy can discharge financial obligations to free up income. With this added income, you can make more aggressive payments on your non-dischargeable debt to stop the wage garnishment order as soon as possible. Your attorney might also negotiate a repayment plan with the creditor to settle the debt without a wage garnishment order. The best option for you will depend on your specific financial circumstances, so be sure to get an attorney’s opinion about the best strategy for debt relief in your unique situation.

An Experienced St. Louis Bankruptcy Lawyer Can Help You Stop a Wage Garnishment Order

Attorney Andrew Kirkwood Smith has over ten years of experience handling bankruptcy cases. He handles every case personally, and he has consistently delivered results for clients across Missouri. Call (314) 740-2989 to speak with a St. Louis bankruptcy lawyer right away. Our phones are answered 24/7, and all clients have our attorney’s direct cell phone number.

Considering Bankruptcy? Don’t Run Up Your Credit Card Bill

Wed, 29 Jun 2022 21:54:20 GMT

Bankruptcy is an effective tool for relief from credit card debt. Unfortunately, some filers make mistakes that prevent them from discharging their credit card debt in bankruptcy. A St. Louis bankruptcy lawyer can help you avoid these mistakes to maximize the debt relief that is available to you through bankruptcy. The following tips can help you avoid problems discharging your credit card debt in bankruptcy.

Stop Making New Charges Right Away

When you file for bankruptcy, you ask the court to excuse you from paying credit card debt legally. There are certain circumstances in which credit card debt is presumed to be “non-dischargeable,” meaning that the debt is not forgiven and the debtor must pay it even after their bankruptcy. One of the most common problems with credit card debt is when new charges are made too close in time to the bankruptcy filing. If, for example, a person charged thousands of dollars on a credit card and then filed for bankruptcy the very next day, there is a presumption this was intentional. The creditor could then take action to make this non-dischargeable. The sooner you stop making new charges on your credit cards, the better your timeline will be for filing for bankruptcy and proving that your credit card debt should be discharged.

Do Not Take Any Cash Advances

New purchases are not the only credit card activity that can cause problems in the bankruptcy court. If you take cash advances immediately prior to filing for bankruptcy, the same principal applies. It is important that large cash advances are not taken out immediately before filing.

Be Especially Cautious With “Luxury Goods”

Another problem with credit card debt is luxury purchases. Luxury purchases over a set amount are problematic if they are made within ninety days of filing for bankruptcy. “Luxury goods” can be any purchase that is not necessary for you to work or live, which is a broad category. Anything other than food, transportation, utility payments, school supplies, or work tools can be considered a “luxury.” If there is any question about the nature of the charges on your credit cards it is important to speak to a lawyer to discuss whether there is a problem.

A St. Louis Bankruptcy Lawyer Can Help You Avoid Problems Discharging Credit Card Debt in Bankruptcy

Attorney Andrew Kirkwood Smith has over ten years of experience handling bankruptcy cases.

He handles every case personally to deliver excellent case results for clients throughout Missouri. Call (314) 740-2989 to speak with a St. Louis bankruptcy lawyer right away. Our phones are answered 24/7, and all clients have our attorney’s direct cell phone number.

Are You Feeling the Effects of Inflation? Bankruptcy Can Help

Wed, 22 Jun 2022 21:57:53 GMT

Inflation has created serious financial burdens for many American families. If you are struggling to pay the rising costs of everything from food to gas, know that you are not alone. A St. Louis bankruptcy lawyer can determine the right financial strategy for your family if you are feeling the effects of inflation. What follows are just some of the ways that bankruptcy can help ease the financial burden of rapid inflation.

Bankruptcy Gets Rid of Dischargeable Debts

There are many types of debt that can be discharged in bankruptcy. Once a debt has been discharged in a successful bankruptcy case, you have no legal obligation to pay it, and the creditor cannot attempt to collect it from you. Credit cards are one of the most common sources of bankruptcy debt. You can also discharge many types of medical debt. Even tax debts can also be discharged in certain circumstances. (The IRS provides helpful information about the requirements for discharging tax debt in bankruptcy.)

Bankruptcy Can Free Up Income to Pay Your Non-Dischargeable Debts

There are some debts that cannot be discharged in bankruptcy. Family support obligations (such as child support and alimony) cannot be discharged, and other court-ordered payments (such as criminal restitution orders or court fines) are usually exempt from bankruptcy as well. Student loans can not usually be discharged. There are a few narrow exemptions, and you should discuss these with a bankruptcy attorney. Generally, however, your student loans will continue to be a collectible debt even after a successful bankruptcy case.

So how does bankruptcy help you with these non-dischargeable debts? If you are no longer making payments to credit card companies and other creditors, you will free up income that can be used to make payments on non-dischargeable debts. Doing so makes it easier to pay these debts and become free from wage garnishments, harassing phone calls, intercepted tax refunds, and other debt collection efforts.

Bankruptcy Allows You to Rebuild Your Credit History

Many people considering bankruptcy are concerned about the effect it will have on their credit. It is true that bankruptcy is reported on your credit for years after your case has been finalized. But bankruptcy also allows you to start building good credit once again. Paying your rent, car payment, and other debts on time because you are no longer paying discharged debts builds good credit. When considering the effect that bankruptcy will have on your credit, it is also important to consider the effect that not filing bankruptcy will have. Will you continue to struggle to make payments? Will you fall behind on other debts? If so, your credit will continue to suffer anyway. Bankruptcy is an effective way to “start fresh” and give your family a new financial future.

A St. Louis Bankruptcy Lawyer Can Help You Fight the Effects of Inflation With Debt Relief

Attorney Andrew Kirkwood Smith has over ten years of experience handling bankruptcy cases. He handles every case personally, so clients know they are getting an attorney’s personal attention. Our firm has consistently delivered results for clients across Missouri. Call (314) 740-2989 to speak with a St. Louis bankruptcy lawyer right away. Our phones are answered 24/7, and all clients have our attorney’s direct cell phone number.

What to Do if Creditors Keep Calling After Bankruptcy

Wed, 15 Jun 2022 22:01:27 GMT

Many turn to bankruptcy seeking relief from troubling debt and badgering debt collectors. However, in some instances, creditors continue contacting debtors even after filing for bankruptcy.

Debt collectors are not allowed to contact you once you’ve filed for bankruptcy. If you continue to struggle with pestering creditors, a bankruptcy attorney can provide assistance.

Why Are Creditors Contacting Me?

It is not uncommon to continue to receive communication from debt collectors even after initiating your bankruptcy case, whether it be phone calls or letters in the mail. While it is frustrating, there is usually a reason.

In most cases, if a debt collector is still contacting you after you’ve filed for bankruptcy, they are unaware. When you file for bankruptcy, the court notifies your creditors. Once they receive notice, communication should cease entirely. If debt collectors are still contacting you, you can inform them you’ve filed for bankruptcy.

Are Creditors Allowed to Continue Contacting Me?

No — after you’ve filed for bankruptcy, creditors are not allowed to continue harassing you. If they do, they may be in violation of federal law.

Automatic Stays

The moment you file for bankruptcy, an automatic stay goes into effect. The automatic stay takes away a creditor’s right to continue contacting you after you’ve initiated your bankruptcy case. Under the automatic stay, creditors cannot:

Contact you in any way
Repossess your property
Foreclose on your property
Place a lien on your property
File or continue with a lawsuit

While the automatic stay goes into effect immediately, it may take some time for creditors to receive notification of your bankruptcy. While you will notice a decline in communication, it may take a bit to stop altogether.

Discharge Violations

If a debt is discharged, you are no longer responsible for it. Therefore, debt collectors can no longer take steps to attempt to collect that debt.

Under 11 USC § 524 , at the conclusion of your bankruptcy case, an automatic stay turns into a permanent discharge injunction. If a creditor continues to harass you, threaten you, or take any actions toward collecting a debt, you should consult with a bankruptcy attorney right away.

How to Stop Communication From Debt Collectors

Continuing to receive collection calls and letters can be irritating and stressful. If communication from debt collectors does not stop even after filing for bankruptcy, you should:

Notify the creditor that you filed for bankruptcy and provide the creditor your attorney’s information
Document every harassing phone call and keep letters and emails
Consult with a bankruptcy attorney to review your legal options

It is illegal for debt collectors to contact you once you have a bankruptcy case. In the worst situations, you’ll need to take legal action against creditors that continue their behavior.

A St. Louis Bankruptcy Attorney Can Help

Going through bankruptcy can be challenging enough without having creditors harassing you at every opportunity. If you continue to receive communication from debt collectors after filing for bankruptcy, a bankruptcy lawyer can help you.

AKS Law has over ten years of experience assisting clients with their bankruptcy cases from start to finish. We handle every client and case with the personalized attention they deserve. If you need legal guidance, call us at (314) 740-2989 or contact us online to request a free consultation.

Four Things You Didn’t Know About Bankruptcy

Wed, 08 Jun 2022 22:04:36 GMT

You’re likely familiar with the concept of bankruptcy, but you may be unaware of what it can mean for you and your financial situation. If you’re considering filing for bankruptcy, continue reading to learn four things you didn’t know about bankruptcy.

When you’re ready to take the next step, contact AKS Law.

Bankruptcy Gives You a Fresh Start

A fresh financial start is a major motivator when choosing to file for bankruptcy.

The type of fresh start you get and how quickly you achieve it will depend on the type of bankruptcy you file. For example, if you file a Chapter 7 bankruptcy, you can have some debts discharged right away. When you file a Chapter 13 bankruptcy, the court can grant a repayment plan, giving you more time to pay off part or all of your debts. After you’ve completed your repayment plan, your debts are discharged.

You Can Get Credit

One of the biggest misconceptions about bankruptcy is that it will ruin your credit entirely, or you cannot rebuild your credit afterward. Filing for bankruptcy does reflect in your credit report and will continue to do so for some years afterward. However, this does not mean you cannot get credit or rebuild your credit after a bankruptcy.

After bankruptcy, it can take some time to rebuild your credit, typically a year to 18 months. In that time, you can take steps to improve your credit little by little, including:

Reviewing your credit report and disputing any inconsistencies
Applying for a secured credit card
Becoming an authorized user on another person’s credit card
Paying your monthly payments on time every time

Making wise financial decisions after bankruptcy can benefit your credit greatly. Eventually, after working on your credit and allowing enough time, you’ll do more with a better credit score, like securing a loan.

You Don’t Need to Be Broke

Many assume you go broke after filing for bankruptcy, but that’s not the case. Bankruptcy provides you the opportunity to get rid of those expensive monthly payments of debts. This will help provide more financial stability. Also, the means test makes a determination of how much you can earn to qualify for a bankruptcy. This is based on the number of people in your household. As of today, here is what you can earn based on the means test and still qualify:

1 in Household- $53,547

2 in Household- $69,614

3 in Household- $80,022

4 in Household- $94,774

As is shown above- the income you can earn to qualify goes up depending on dependents in the household.

Most People Keep All of Their Assets

Finally, the thought of losing assets in a bankruptcy case is a significant deterrent for most people. However, bankruptcy can actually help you keep your property and assets.

When you file for bankruptcy, it stops creditors entirely, taking away their ability to foreclose or repossess. Additionally, certain exemptions exist, allowing you to keep your assets.

If you’re unsure of what bankruptcy will mean for your property and assets, it’s best to discuss your situation with a bankruptcy lawyer.

Consult With a Knowledgeable St. Louis Bankruptcy Attorney

AKS Law has over a decade of experience helping clients with their bankruptcy cases. We handle every client and case differently, as we know no two cases are the same. We understand the feelings of fear and stress bankruptcy can produce, but we’re here to put your mind at ease and help get you on the road to financial freedom. Call us at (314) 866-3955 or contact us online to schedule your consultation today.

Do You Qualify for Chapter 13 Bankruptcy?

Wed, 01 Jun 2022 22:07:48 GMT

If you’re facing financial trouble, you may consider filing for bankruptcy. However, the type of bankruptcy you can and should file will depend on your circumstances. Many debtors with regular incomes benefit from filing for Chapter 13 bankruptcy. It is helpful to understand whether you qualify for Chapter 13 bankruptcy and what filing entails. To find out whether you qualify, call us today to speak with a St. Louis bankruptcy lawyer.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy allows individuals with a regular, steady income to develop a plan for repayment of their debts. Typically, debtors have three to five years to make installment payments and finish repaying part or all of their debts. Chapter 13 has certain advantages over Chapter 7. Most importantly, debtors that file for Chapter 13 bankruptcy may be able to save their homes from foreclosure and allow them to keep other important assets.

Qualifying for Chapter 13 Bankruptcy

To file for Chapter 13 bankruptcy, you must first meet the eligibility requirements.

Your Income Tax Filings are Current Shortly After Filing Your Case

When filing a Chapter 13 bankruptcy, you must provide proof you’ve filed your tax returns for the previous four years. If you cannot show proof of tax filings, your case will likely be dismissed after a few months. The case can still be filed without all tax returns filed. However, they will need to get filed pretty quickly.

Your Debts Are Not Too High

To file for Chapter 13 bankruptcy, your debts cannot exceed a certain amount. Namely, your unsecured debt cannot exceed $419,275, and your secured debt cannot exceed $1,257,850.

You Have Sufficient Income

To be able to file a Chapter 13 bankruptcy, you’ll need to prove you still have enough disposable income after subtracting your allowed expenses and required payments.

Income not only means your salary from work, but can also include:

Social security benefits
Unemployment benefits
Workers’ compensation or disability benefits
Rent income
Proceeds from property sales

Additionally, if you are married, you should also claim your spouse’s income as your own.

If you wish to file a Chapter 13 bankruptcy in St. Louis, these are the steps needed.

Gather your financial documents - Filing for bankruptcy requires plenty of documentation, including financial statements and tax documents. Collecting all of your information can make the filing process easier.
Get credit counseling - Missouri requires all debtors filing for bankruptcy to get credit counseling. You can complete your course online.
Draft and file your petition with the court - Your bankruptcy lawyer can ensure your forms are accurately completed and timely filed with the court. Additionally, you’ll need to pay a filing fee.
Send bankruptcy documents to your trustee - The court will appoint a trustee to oversee your case. Your lawyer will submit this information to the Court.
Attend a meeting of creditors - During this meeting, you’ll provide identification and answer questions regarding your documents.
Attend a confirmation hearing - During this hearing, the judge will decide whether to grant your Chapter 13 plan. Only your lawyer needs to attend this hearing.

Consult with a St. Louis Bankruptcy Attorney

Filing for bankruptcy can be overwhelming, but a skilled St. Louis bankruptcy attorney can get you on the path to your financial refresh. AKS Law has over ten years of experience helping bankruptcy clients. Our firm always puts clients and their needs first. We understand every situation is different, and we treat your case as such.

If you’re considering filing for bankruptcy, call us at (314) 866-3955 or contact us online to schedule your free case review.

Bankruptcy for Small Businesses

Wed, 25 May 2022 22:12:06 GMT

It is not uncommon for small businesses to experience ebbs and flows. However, if you’re a small business owner suffering from a substantial financial crisis, bankruptcy might be your best option.

Even the thought of bankruptcy is enough to make many abandon the thought altogether. Fortunately, a St. Louis bankruptcy lawyer can be your best ally throughout the process. If you’re considering bankruptcy for your small business, AKS Law is ready to help.

When Should a Small Business File for Bankruptcy?

Deciding whether to file for bankruptcy is never easy, but in some instances, it may be the way to go for the sake of your business.

Business owners can expect to encounter certain financial obstacles. Still, it may be time to consider bankruptcy if your business is struggling to stay above water and manage debts. Rather than continuing to get further into financial trouble, filing for bankruptcy can provide a feasible way to handle your debts and experience a much-needed refresh.

What Type of Bankruptcy Does a Small Business File?

If you’re a small business trying to decide which type of bankruptcy to file, it’s helpful to start by considering certain factors that include:

The type of business (sole proprietorship or LLC, for example)
The type of debt you have
Whether you want to continue running the business or close it entirely

Chapter 7

Sole proprietors often file Chapter 7 bankruptcy, as it allows individuals to handle personal debt in one bankruptcy case. Often times, as a sole proprietor, the debt of the business would be personal debt. Therefore, the bankruptcy would discharge the debt.

If the small business is a corporation or limited liability company (LLC), none of your debts will be discharged, but it can pave the path for the liquidation of the business. Chapter 7 bankruptcy is a favorable option for business owners closing their businesses.

Chapter 11

A Chapter 11 bankruptcy allows partnerships, LLCs, and corporations to restructure and continue operating. Many times a business will file Chapter 11 because they owe too much to meet Chapter 13’s eligibility requirements.

Under Chapter 11, the business can come up with a plan to restructure its finances that is then approved by the bankruptcy court. Many businesses opt for Chapter 11 bankruptcy.

Chapter 13

Structured businesses, including corporations and LLCs, are not allowed to file for Chapter 13 bankruptcy, but sole proprietors can. A Chapter 13 bankruptcy allows an individual to reorganize their finances and debts to keep their business operating.

When you file a Chapter 13 bankruptcy, you can protect business assets while formulating a repayment plan and continuing your small business.

Will I Be Able to Continue My Small Business After Filing for Bankruptcy?

If you want to keep your business open after bankruptcy, you’ll have to opt for the right bankruptcy. Nonetheless, it is possible to keep your business running even if you must file for bankruptcy.

In many cases, filing for bankruptcy is the only viable option if you wish to keep your business operational. Financial problems don’t have to be the end of your small business. Do not hesitate to discuss your situation and review your legal options with a skilled bankruptcy lawyer in St. Louis.

Consult With a St. Louis Bankruptcy Attorney

AKS Law has over a decade of experience helping clients overcome their financial challenges. Our firm handles every case differently because no two cases are alike. At AKS Law, you can always expect personalized attention as we help you achieve your goals.

To schedule your complimentary case review, call us at (314) 740-2989 or contact us online.

Chapter 13 Repayment Plan

Wed, 25 May 2022 22:09:30 GMT

If you’re experiencing troubling financial times, you may consider filing for bankruptcy. However, one of the biggest fears individuals face is that bankruptcy will entirely ruin their credit.

Credit is essential, and we understand these concerns. Fortunately, a bankruptcy will not destroy your credit, and it is possible to rebuild your credit, even while satisfying your Chapter 13 repayment plan.

What Is a Chapter 13 Repayment Plan?

Chapter 13 bankruptcy is also referred to as the “wage earner’s bankruptcy.” It offers individuals many benefits over other types of bankruptcy, including Chapter 7.

When you file a Chapter 13 bankruptcy, you create a feasible repayment plan and submit it to the court for approval. If the bankruptcy court approves your plan, you will spend the next three to five years fulfilling your repayment obligations.

While it does take longer to repay your debts under Chapter 13, many appreciate the advantage of having more time to pay and the ability to keep your property. Chapter 13 puts you on a path to financial freedom while clearing your debts.

How Long Does a Chapter 13 Bankruptcy Stay on Your Credit Report?

Every bankruptcy is different, but you can typically expect your Chapter 13 bankruptcy to stay on your credit report for seven years.

Once you complete your repayment plan and pay off you part or all of your debts, those debts are discharged. If any of your debts were delinquent before filing for Chapter 13, those debts fall off your credit report seven years after the date of delinquency. All other debts should fall off your report at the same time as your Chapter 13.

Let a Skilled St. Louis Bankruptcy Attorney Help You

AKS Law has been helping clients with their bankruptcies for over a decade. Our team is dedicated to providing the most personalized experience, as we understand every case and client is unique. If you’re considering bankruptcy, we’re here to help. Call us today at (314) 866-3955 or contact us online to schedule your consultation today.