Legal Insights & Resources 

In an update from a previous post, a bill that would prevent local governments from being able to require lenders to offer mediation to homeowners facing foreclosure is nearing passage in the Missouri Senate. The bill, passed by the Missouri House of Representatives a few weeks ago, would directly oppose ordinances passed in St. Louis […]

Last week, I gave an update on the status of foreclosure mediation ordinances in St. Louis City and St. Louis County that are currently being challenged in the courts by lenders in Missouri. On the other side of the river in Illinois, the Illinois Supreme Court has adopted new rules allowing its courts to […]

Recently, the Missouri State House of Representatives passed a bill that would supersede the ordinances requiring mediation before a lender forecloses on a home in St. Louis or St. Louis County. The bill is now being sent to the Senate and would likely prevent the city and county from enforcing their ordinances. The ordinances […]

This question has to be one of the most frequent questions I hear as a bankruptcy attorney. Most people believe that if they file a bankruptcy they are going to lose everything, including their vehicle. That, in most cases, is just simply not true. In Missouri, you can protect up to $3,000 in vehicle equity […]

If you are considering filing a Chapter 7 or Chapter 13 bankruptcy it is important to be able to classify your debts as secured and unsecured. These debts are treated very differently in both Chapter 7 bankruptcies and Chapter 13 bankruptcies. If you file a Chapter 7 the unsecured debts will be discharged in the […]

If you decide to come in and speak with an attorney regarding a bankruptcy filing it is likely that the attorney will ask you how many children you have living with you that are under 21. These children that are living with you that you are helping take care of are your dependents and will […]

A common concern for debtors that are considering filing for bankruptcy is whether or not they are going to lose their vehicle if they file a bankruptcy. The answer to this question depends on several factors so it would be in your best interest, if this is a concern of yours, to consult a bankruptcy […]

Payday loans, or paycheck advances, are high interest rate loans designed to help the borrower receive some quick cash to help any financial burdens until they receive their next paycheck. Since these payday loans have such a high interest rate, they become very devastating to borrowers. If borrowers are relying heavily on these loans, their […]

A common misconception of filing a Chapter 7 bankruptcy and surrendering your house, or “walking away” from it, is that once your case is filed you no longer are responsible for taking care of that property. That simply is not the case. Until the bank actually comes in and forecloses on the property you remain […]

A Tenancy by the Entirety (TBE) is a form of property ownership in Missouri, and a few other states, reserved for married couples. Missouri recognizes TBE ownership in both real and personal property. Property owned as tenants by the entirety belongs to the marriage, which means that both husband and wife own the property as […]

Shortly after you file for bankruptcy, the Court sends you a notice to appear at a meeting of creditors, also called a “341 meeting”. This meeting will take place roughly about a month after your case is filed. The notice will contain the date, address, time and the name of the trustee that will be […]

The short answer is no…you do not have to surrender your home if you file for bankruptcy. If you are having financial trouble and problems making your ongoing mortgage payment, I would first recommend contacting your lender and trying to modify your mortgage. Some lenders will work with you, but if they are not willing […]

If you are considering filing for bankruptcy you have, no doubt, considered a number of the positive effects of filing for bankruptcy. To name a few: filing for bankruptcy can reduce or eliminate unsecured debt obligations, can provide peace of mind, and can get a debtor back on track financially. However, bankruptcy is not a […]

1. What will this do to my credit? Honestly, it depends. In many cases, if you are already behind your credit is already poor. Bankruptcy may or may not make it worse short term. Long term, all of those balances owed should soon reflect a zero balance and that will help you to improve your […]

Prospective clients often have a number of types of debt and issues leading them to consider filing for bankruptcy. One of the most commonly asked questions is whether a particular item or debt has to be included in the bankruptcy. The answer to this question is unequivocally “yes”. Any debt that is owed at the […]

If you are considering filing for bankruptcy you probably have a number of questions. Often times people turn to the internet or friends for advice, and may get confusing and inconsistent answers. The best course of action is to meet with an attorney. Many attorneys offer free, no obligation consultations. This is a great way […]

A 341 Meeting, also commonly known as a meeting of creditors, is an opportunity for creditors and the bankruptcy trustee to ask the debtor questions. The meeting is called a 341 meeting because it is provided for in Chapter 11, Section 341 of the United States Code. Section 341 provides that a meeting must be […]

Debtors often ask when they can begin to obtain new credit after filing a bankruptcy. Almost invariably the debtor is told that he/she can begin obtaining new credit immediately after commencement of his/her bankruptcy proceeding. While this is true, there are a number of things the debtor may want to consider when considering what types […]

Many individuals filing for bankruptcy are curious as to how filing will impact his/her credit and when he/she will be able to begin improving their credit after filing. The answer is that it depends. The impact to a particular individual’s credit score largely can be impacted by a number of things. If the debtor has […]

There are a number of reasons people file for a Chapter 7 Bankruptcy. Most commonly, the debtor is unable to repay their debt and would like a fresh start. The goal in a chapter 7 is to obtain a discharge of debts. However, for certain types of debts, the bankruptcy code does allow the debtor […]