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No Asset Bankruptcy Explained by a St. Charles Chapter 7 Lawyer

Some people are worried that, when they file Chapter 7 bankruptcy, they will lose many of their most important assets. The truth is that most of the cases handled by a St. Charles Chapter 7 Lawyer are actually “no asset bankruptcies,” meaning that the trustee does not actually liquidate any assets at all. After the Missouri exemptions are applied, the trustee might decide that it is simply not worth the trouble to liquidate what little the person has so they simply allow the debt to be discharged. An attorney can discuss your case and determine if your bankruptcy will be a no asset case.

The goal of bankruptcy is to find a fair settlement for creditors and debtors. Part of this fairness includes allowing a debtor some assets to start their new life. In order to accomplish this, Missouri allows filers a certain number of exemptions to keep property that will allow them to stay on their feet after they have discharged their debt. And since most people with serious debt issues have already sold many of their assets or used their money to try to pay down debt, there is little left when it is time to file.

A St. Charles Chapter 7 Lawyer can examine your assets and determine if your case will be a no asset case. If so, they can give you the fresh start offer by Chapter 7 while allowing you to keep everything you own.

At Westbrook Law Group, we understand how difficult debt problems can be. We do everything we can to ease the stress these problems can bring. To speak with a St. Charles Chapter 7 Lawyer, contact Westbrook Law Group today for a free consultation.