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A Caring and Strong Family Law Attorney in Independence, Missouri

At the Law Office of Brian D. Webb LLC, we listen to our client’s concerns and thoroughly analyze your situation to determine if bankruptcy offers the most effective way to ease your financial burden. The first step in the process is to schedule a consultation, where we will review your debts, income, and expenses and explain the ultimate impact bankruptcy would have on your family or business.

 

In Missouri, there are two different bankruptcy options: chapter 7 and chapter 13. However, in some cases, there are better options than bankruptcy. In that case, our staff will negotiate with your creditors on your behalf to lower your debt and accept reasonable monthly payments. 

 

Here are the documents and information you need to bring to the consultation. Of course, for the meeting to be beneficial, you must provide an accurate account of your financial health. 


Bankruptcy Consultation: What To Bring With You

  • Last two years tax returns both Federal and State returns with W-2s.
  • Last six (6) months of current pay stubs with year-to-date income and any additional pay stub received until case is filed with the court.
  • Employer’s name, address, phone number, how long employed
  • All debts including all loan papers and payment books (most recent statement or name, address, account #, amount owed, date incurred), notices from collection agencies or attorneys family members or friends money is owed to
  • Deeds to real estate, Copy of signed Deed of Trust or Residential Lease agreement if renting
  • Copy of insurance cards and policies covering automobiles; house and or other property
  • Name, address & phone # of insurance agents:
  • Cars—Make, Model, Miles on the vehicle, Creditor for vehicle if still owe on it, any needed repairs
  • Bank accounts: Bank statement from every account owned or has your name on it
  • Name of bank/institution, address, account number, balance
  • Closed accounts within one year: same information, balance as of date of closing
  • Most recent retirement account statement and investments statements.
    IRAs, 401K, 403B, Pension Accounts, Roth IRAs
  • Sale or transfer of property within one year:
  • Name, address, relationship to buyer, description of property, value
  • Gifts within one year:
  • Charity: If over $100 to one organization
  • Family: If over $200 to one individual
  • Name, address, relationship to recipient, description of gift, value
  • Household goods (garage sale or auction prices), list item and value
  • Payments to any one creditor over $600 within last 90 days:
  • Name, address, dates, amount paid, amount still owing
  • Lawsuits, garnishments, repossessions foreclosures etc within one year
  • Prior address if moved within last two years, List all addresses lived at the last two years
  • Budget (monthly average) food, utilities, insurance, medical, transportation, gasoline, vehicle repairs, childcare, pet care, tobacco, health and beauty expenses, etc.

Frequently Asked Questions

  • What chapter of bankruptcy can I file?

    To determine which chapter a debtor may file is based on the amount of income for the debtor’s

    household and the number of people in that household.

  • What is the difference between chapter 7 and chapter 13?

    Chapter 7 is the process where all legal obligations to pay debts are discharged.  A chapter 13

    is a repayment plan based on the claims made by creditors and the priority of the claims made.

  • What is a claim & Claim Priority?

    A claim is a statement filed by a creditor which states how much the debtor owes the creditor. Claims are categorized by a priority system which determines which claims get paid and in which

    order.  Secured claims are paid first, then unsecured priority claims and then general unsecured claims are paid last.



  • What are secured claims?

    Secured claims are claims in which the actual debt is secured by a piece of property.  Typically

    this is a house or a car.  Other debts can be secured debts if the actual contract specifically claims a security interest in the items purchased or pledged as collateral on the credit account.

  • What are unsecured priority claims?

    Unsecured priority claims are claims for debts that have a priority of repayment such as unpaid

    taxes, etc. but are not secured by any piece of property or an asset. 

  • What are general unsecured claims?

    General unsecured claims are claims for debts that are not secured by any property and have no

    priority of repayment like personal loans from banks, quick cash facilities or payday loan companies, personal friends or family members, credit card accounts without a security agreement, medical bills, and dental bills.

  • Do I have to list all my debts because I want to pay some of them?

    The bankruptcy code requires all debts that have a balance to be listed even if you plan to repay them.

  • Does filing bankruptcy ruin my credit?

    No, it does not ruin the debtor’s credit.  It may initially lower a debtor’s credit score but it does not hurt the credit score nearly as bad as not making payments toward the debts or paying them slowly.  Generally, by the time a debtor decides to file bankruptcy, their credit score is already starting to be lowered due to missed or delinquent payments on the debtor’s debts.

  • How long does bankruptcy last?

    The length of a bankruptcy case depends on which chapter is filed.  A chapter 7 case generally runs

    between five and seven months long. A chapter 13 case is set to run for a three year to five year period as it is a repayment plan.  The length of the repayment plan is based on the income of the debtors.

  • Do I have to list all of my property?

    Yes, all of the property or assets of the debtor must be listed.  The debtor’s assets or property includes

    any claims or lawsuits that the debtor may have against someone else.  It also includes any inheritance that the debtor may be entitled to receive due to the death of someone within 180 days (6 months) of the filing of the bankruptcy petition.

  • Will I lose my property, house, or car?

    All property is subject to the ability of the bankruptcy trustee to take the property of the debtor and have it sold to pay the debts of the debtor.  The debtor has the ability to apply specific exemptions to property so that the debtor may keep that property. If the property such as a house or car is worth less than the loan against them then no exemption is needed as the secured debt will allow the debtor to keep that property as long as they continue to make the payments

    for the property.

  • Can I file against my child support? Or Will it affect my child support?

    Filing bankruptcy cannot terminate an obligation to pay child support or alimony.  A court order to pay child support or alimony is not discharged by the filing of a bankruptcy petition.  When filing a bankruptcy petition the debtor is required to keep making their child support or alimony payments and keep them current to obtain his or her discharge on their other debts.  If the debtor is owed child support or alimony from someone they will continue to receive those payments.  The amount of monthly support received or paid is required to be listed in the schedules of the bankruptcy petition.

  • How do I protect my property in bankruptcy?

    Your property is protected in two different ways when filing bankruptcy.  First it is protected if it secures a debt and is worth less than the balance of the debt.  If it is worth more than the balance of the debt then a debtor may apply exemptions to protect the property that they own.  The exemptions allowed, in the State of Missouri, are based on Missouri law and are limited in amounts per the type of property.

  • Can I file against my student loans?

    Debtors are required by the bankruptcy code to list all creditors including student loan lenders. Filing against a student loan however does not mean that the student loan will be discharged.  Generally a student loan is not dischargeable.  A student loan can be dischargeable if by a determination of the Department of Education or of the bankruptcy court that the repayment of the student loan would cause the debtor an undue hardship.  The undue hardship is a very difficult standard to meet.  It requires substantial evidence and documentation to prove the undue hardship.

  • Will my employer learn about my filing bankruptcy?

    Generally a debtor’s employer will not be notified about the debtor’s bankruptcy unless the debtor owes the employer a debt which would require the employer to be listed as a creditor.  An employer may be notified if a debtor files a chapter 13 and requests that their plan payments to the trustee be made by a wage assignment.

  • Can my employer fire me for filing bankruptcy?

    In either case the employer cannot terminate a debtor for filing unless in some government positions the filing of bankruptcy would place the debtor and the governmental agency they work for in a compromising position.

  • If I have a lawsuit pending how does filing bankruptcy affect my case?

     Filing a bankruptcy while pursuing a lawsuit can affect a debtor’s lawsuit.  The lawsuit must be listed as an asset on the bankruptcy schedules.  Any proceeds sought by the lawsuit or actually received as a result of the lawsuit are an asset of the bankruptcy estate and can be applied to the repayment of the debtor’s debts.

A Caring and Strong Family Law Attorney in Independence, Missouri

At the Law Office of Brian D. Webb LLC, we listen to our client’s concerns and thoroughly analyze your situation to determine if bankruptcy offers the most effective way to ease your financial burden. The first step in the process is to schedule a consultation, where we will review your debts, income, and expenses and explain the ultimate impact bankruptcy would have on your family or business.

 

In Missouri, there are two different bankruptcy options: chapter 7 and chapter 13. However, in some cases, there are better options than bankruptcy. In that case, our staff will negotiate with your creditors on your behalf to lower your debt and accept reasonable monthly payments. 

 

Here are the documents and information you need to bring to the consultation. Of course, for the meeting to be beneficial, you must provide an accurate account of your financial health. 


Bankruptcy Consultation: What To Bring With You

  • Last two years tax returns both Federal and State returns with W-2s.
  • Last six (6) months of current pay stubs with year-to-date income and any additional pay stub received until case is filed with the court.
  • Employer’s name, address, phone number, how long employed
  • All debts including all loan papers and payment books (most recent statement or name, address, account #, amount owed, date incurred), notices from collection agencies or attorneys family members or friends money is owed to
  • Deeds to real estate, Copy of signed Deed of Trust or Residential Lease agreement if renting
  • Copy of insurance cards and policies covering automobiles; house and or other property
  • Name, address & phone # of insurance agents:
  • Cars—Make, Model, Miles on the vehicle, Creditor for vehicle if still owe on it, any needed repairs
  • Bank accounts: Bank statement from every account owned or has your name on it
  • Name of bank/institution, address, account number, balance
  • Closed accounts within one year: same information, balance as of date of closing
  • Most recent retirement account statement and investments statements.
    IRAs, 401K, 403B, Pension Accounts, Roth IRAs
  • Sale or transfer of property within one year:
  • Name, address, relationship to buyer, description of property, value
  • Gifts within one year:
  • Charity: If over $100 to one organization
  • Family: If over $200 to one individual
  • Name, address, relationship to recipient, description of gift, value
  • Household goods (garage sale or auction prices), list item and value
  • Payments to any one creditor over $600 within last 90 days:
  • Name, address, dates, amount paid, amount still owing
  • Lawsuits, garnishments, repossessions foreclosures etc within one year
  • Prior address if moved within last two years, List all addresses lived at the last two years
  • Budget (monthly average) food, utilities, insurance, medical, transportation, gasoline, vehicle repairs, childcare, pet care, tobacco, health and beauty expenses, etc.

Frequently Asked Questions

  • What chapter of bankruptcy can I file?

    To determine which chapter a debtor may file is based on the amount of income for the debtor’s

    household and the number of people in that household.

  • What is the difference between chapter 7 and chapter 13?

    Chapter 7 is the process where all legal obligations to pay debts are discharged.  A chapter 13

    is a repayment plan based on the claims made by creditors and the priority of the claims made.

  • What is a claim & Claim Priority?

    A claim is a statement filed by a creditor which states how much the debtor owes the creditor. Claims are categorized by a priority system which determines which claims get paid and in which

    order.  Secured claims are paid first, then unsecured priority claims and then general unsecured claims are paid last.



  • What are secured claims?

    Secured claims are claims in which the actual debt is secured by a piece of property.  Typically

    this is a house or a car.  Other debts can be secured debts if the actual contract specifically claims a security interest in the items purchased or pledged as collateral on the credit account.

  • What are unsecured priority claims?

    Unsecured priority claims are claims for debts that have a priority of repayment such as unpaid

    taxes, etc. but are not secured by any piece of property or an asset. 

  • What are general unsecured claims?

    General unsecured claims are claims for debts that are not secured by any property and have no

    priority of repayment like personal loans from banks, quick cash facilities or payday loan companies, personal friends or family members, credit card accounts without a security agreement, medical bills, and dental bills.

  • Do I have to list all my debts because I want to pay some of them?

    The bankruptcy code requires all debts that have a balance to be listed even if you plan to repay them.

  • Does filing bankruptcy ruin my credit?

    No it does not ruin the debtor’s credit.  It may initially lower a debtor’s credit score but it does not hurt the credit score nearly as bad as not making payments toward the debts or paying them slowly.  Generally by the time a debtor decides to file bankruptcy their credit score is already starting to be lowered due to missed or delinquent payments on the debtor’s debts.

  • How long does bankruptcy last?

    The length of a bankruptcy case depends on which chapter is filed.  A chapter 7 case generally runs

    between five and seven months long. A chapter 13 case is set to run for a three year to five year period as it is a repayment plan.  The length of the repayment plan is based on the income of the debtors.

  • Do I have to list all of my property?

    Yes, all of the property or assets of the debtor must be listed.  The debtor’s assets or property includes

    any claims or lawsuits that the debtor may have against someone else.  It also includes any inheritance that the debtor may be entitled to receive due to the death of someone within 180 days (6 months) of the filing of the bankruptcy petition.

  • Will I lose my property, house, or car?

    All property is subject to the ability of the bankruptcy trustee to take the property of the debtor and have it sold to pay the debts of the debtor.  The debtor has the ability to apply specific exemptions to property so that the debtor may keep that property. If the property such as a house or car is worth less than the loan against them then no exemption is needed as the secured debt will allow the debtor to keep that property as long as they continue to make the payments

    for the property.

  • Can I file against my child support? Or Will it affect my child support?

    Filing bankruptcy cannot terminate an obligation to pay child support or alimony.  A court order to pay child support or alimony is not discharged by the filing of a bankruptcy petition.  When filing a bankruptcy petition the debtor is required to keep making their child support or alimony payments and keep them current to obtain his or her discharge on their other debts.  If the debtor is owed child support or alimony from someone they will continue to receive those payments.  The amount of monthly support received or paid is required to be listed in the schedules of the bankruptcy petition.

  • How do I protect my property in bankruptcy?

    Your property is protected in two different ways when filing bankruptcy.  First it is protected if it secures a debt and is worth less than the balance of the debt.  If it is worth more than the balance of the debt then a debtor may apply exemptions to protect the property that they own.  The exemptions allowed, in the State of Missouri, are based on Missouri law and are limited in amounts per the type of property.

  • Can I file against my student loans?

    Debtors are required by the bankruptcy code to list all creditors including student loan lenders. Filing against a student loan however does not mean that the student loan will be discharged.  Generlly a student loan is not dischargeable.  A student loan can be dischargeable if by a determination of the Department of Education or of the bankruptcy court that the repayment of the student loan would cause the debtor an undue hardship.  The undue hardship is a very difficult standard to meet.  It requires substantial evidence and documentation to prove the undue hardship.

  • Will my employer learn about my filing bankruptcy?

    Generally a debtor’s employer will not be notified about the debtor’s bankruptcy unless the debtor owes the employer a debt which would require the employer to be listed as a creditor.  An employer may be notified if a debtor files a chapter 13 and requests that their plan payments to the trustee be made by a wage assignment.

  • Can my employer fire me for filing bankruptcy?

    In either case the employer cannot terminate a debtor for filing unless in some government positions the filing of bankruptcy would place the debtor and the governmental agency they work for in a compromising position.

  • If I have a lawsuit pending how does filing bankruptcy affect my case?

     Filing a bankruptcy while pursuing a lawsuit can affect a debtor’s lawsuit.  The lawsuit must be listed as an asset on the bankruptcy schedules.  Any proceeds sought by the lawsuit or actually received as a result of the lawsuit are an asset of the bankruptcy estate and can be applied to the repayment of the debtor’s debts.

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