After meeting with a bankruptcy attorney, it will be clear that filing for a chapter 7 in St. Louis, MO is possible. Before authorizing the attorney to move forward with the action, it is important to discuss what sort of commitment the client it taking on in exchange for protection from the court. Here are some specifics to keep in mind.
Providing Full Disclosure to the Court
For the attorney to file a chapter 7 bankruptcy in St. Louis, MO, it is necessary to provide full disclosure about all finances. Along with information about sources of income, the debtor will also need to provide a list of any assets. This includes stock holdings, vehicles, real estate, and any other type of tangible asset. If the debtor does have any credit card or other accounts with a current balance of zero, information about those accounts should also be included. The goal is to make sure the court has everything needed to properly assess the financial situation of the person seeking bankruptcy protection.
Cooperating with the Bankruptcy Trustee
The court will appoint a trustee to review all the assets and determine if any of them could be sold to partially settle the outstanding debts. Keep in mind that assets like home furnishings and the car used to get to and from work are generally considered ineligible for sale. By contrast, a lake home that is not the primary residence could be sold by the court and the funds distributed to the creditors.
Attending Financial Management Classes
Another requirement the debtor must meet is attending financial management classes approved by the court. The goal is to make sure the debtor is equipped with the skills needed to manage finances more effectively in the future. The attorney will have information on local classes that comply with the criteria of the court. Successfully completing them will increase the odds of being approved and bringing the financial woes to an end.
For those who believe that filing a chapter 7 bankruptcy is the only option, talk to the team at Van Dillen & Flood P.C. today. Once the process is underway, it will be possible to move on from what has happened before and start thinking about the future. Browse the website for more details.
