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(The following is for educational purposes only, and it should not be construed as legal advice. PayingPaul.Com makes no guarantees about the accuracy of any information included here. For legal advice, please consult an attorney or lawyer in your state).
Missouri Bankruptcy Information
When Congress overhauled bankruptcy law in 2005 the purpose was to diminish the amount of personal, consumer filings and to encourage overwhelmed debtors to seek other alternatives to their financial problems. Some of the leading ways to avoid bankruptcy include credit counseling plans and debt settlement negotiation programs, which most but not all creditors would prefer consumers pursuing instead of bankruptcy. So who do you think pushed strongly bankruptcy reform? You guessed it – the credit card companies!
What’s Different About The New Bankruptcy Laws
1) It’s more difficult to file – whether it’s the credit counseling requirement or the increase in the fees, Congress intentionally made it much more time consuming and expensive to file. 2) It’s more difficult to declare Chapter 7 bankruptcy – Typically more of your debt is forgiven in a Chapter 7 versus a Chapter 13 bankruptcy. Under the new laws, consumers who earn more than the median income in their state are required to “pass” the bankruptcy income test, also known as the means test. For Missouri, here’s the median income information as of 2006:
2-person families: 47,589
3-person families: 54,914
4-person families: 63,274
5-person families: 63,346
6-person families: 60,257
7-or-more-person families: 60,721
Due these changes, as well as the credit consequences of filing bankruptcy, more consumers are turning to the debt options mentioned above. If you fit into this boat, submit a form to get a free consultation from a debt advisor.
You can also check out some of the articles we have pertaining to credit & debt in Missouri:
Missouri Consumer Credit Counseling Services
Missouri Bankruptcy Laws
Missouri Debt Collection
Bankruptcy Data in Missouri
2004: 37,251
2005: 52,060
2006: 15,423
Missouri is a state that historically has had high rates of consumer bankruptcy relative to the other 50 states. Despite this fact, the number of filings dropped significantly in 2006 from 2005. Of course, underlying this trend is the passing of the new bankruptcy law requirements which makes filing Chapter 7 much more difficult from an eligibility standpoint. In a Chapter 7 bankruptcy, your debts are discharged after the sale of your non-exempt assets. Typically this means that a debtor can become totally debt free without paying their creditors much. With the new law, however, more consumers are being forced into Chapter 13 reorganization plans, where the debt is paid back from the debtor’s monthly disposable income over a period of three to five years. As a result, more Missouri consumers have increasingly sought out debt advice from third party consolidation companies.
Missouri Bankruptcy Information
When Congress overhauled bankruptcy law in 2005 the purpose was to diminish the amount of personal, consumer filings and to encourage overwhelmed debtors to seek other alternatives to their financial problems. Some of the leading ways to avoid bankruptcy include credit counseling plans and debt settlement negotiation programs, which most but not all creditors would prefer consumers pursuing instead of bankruptcy. So who do you think pushed strongly bankruptcy reform? You guessed it – the credit card companies!
1) It’s more difficult to file – whether it’s the credit counseling requirement or the increase in the fees, Congress intentionally made it much more time consuming and expensive to file. 2) It’s more difficult to declare Chapter 7 bankruptcy – Typically more of your debt is forgiven in a Chapter 7 versus a Chapter 13 bankruptcy. Under the new laws, consumers who earn more than the median income in their state are required to “pass” the bankruptcy income test, also known as the means test. For Missouri, here’s the median income information as of 2006:
2-person families: 47,589
3-person families: 54,914
4-person families: 63,274
5-person families: 63,346
6-person families: 60,257
7-or-more-person families: 60,721
Due these changes, as well as the credit consequences of filing bankruptcy, more consumers are turning to the debt options mentioned above. If you fit into this boat, submit a form to get a free consultation from a debt advisor.
You can also check out some of the articles we have pertaining to credit & debt in Missouri:
Missouri Consumer Credit Counseling Services
Missouri Bankruptcy Laws
Missouri Debt Collection
Bankruptcy Data in Missouri
2004: 37,251
2005: 52,060
2006: 15,423
Missouri is a state that historically has had high rates of consumer bankruptcy relative to the other 50 states. Despite this fact, the number of filings dropped significantly in 2006 from 2005. Of course, underlying this trend is the passing of the new bankruptcy law requirements which makes filing Chapter 7 much more difficult from an eligibility standpoint. In a Chapter 7 bankruptcy, your debts are discharged after the sale of your non-exempt assets. Typically this means that a debtor can become totally debt free without paying their creditors much. With the new law, however, more consumers are being forced into Chapter 13 reorganization plans, where the debt is paid back from the debtor’s monthly disposable income over a period of three to five years. As a result, more Missouri consumers have increasingly sought out debt advice from third party consolidation companies.