How a Repossession Attorney Helps Missouri Consumers

How a Repossession Attorney Helps Missouri Consumers

Foreclosure and repossession are the primary reasons in which consumers file for bankruptcy. Through either chapter the consumer acquires an automatic stay, which indicates that their lender cannot seize the property or make any further efforts to collect the debt. A repossession attorney helps these consumers start the process.

Qualifying for Bankruptcy in St. Louis

St. Louis residents must have an income that is above $29,156 to qualify for chapter 13. An attorney identifies this value from income statements for the last six months, which designates the consumer’s annual income. Any consumer with an income that is below this valuation could file for chapter 7.

For chapter 7, the consumer must own enough property to sell to generate a value that could settle a majority of their debts. In these cases, the attorney reviews all titles and assigns a projected market value for the property, and if the total value reflects enough proceeds to settle the debts, the case continues to court.

What to Expect During Bankruptcy

In chapter 13 cases, the consumer follows the repayment plan created by their attorney and the court allows them to either submit a monthly payment or set up a garnishment for their wages. Additionally, they must utilize any disposable income they possess to cover extra bills–these debts are those that weren’t included in the bankruptcy claim. The attorney identifies the leftover portion of their income after deducting their monthly obligations, including utility bills and additional loans.

In chapter 7, the consumer gives a trustee all titles and ownership documentation for their properties so they can manage the sale of all items. They distribute all funds accumulated to the creditors. The trustee gives the consumer all exempted values for the properties as outlined in Missouri bankruptcy law.

Missouri consumers need legal help if they are facing repossession or foreclosure, and an attorney helps them identify what chapter of bankruptcy provides the best protection for their assets. The consumer follows the guidelines for the chosen chapter according to local laws. Consumers who wish to travel down this road should hire a repossession attorney by visiting Stlbankruptcyfirm.com today.

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