In Missouri, claimants looking for a faster solution for debt settlement file for chapter 7. This chapter of bankruptcy lasts about six months at the most. It doesn’t present as many restrictions for a long duration and could enable the claimant to get back to their lives quickly. A chapter 7 lawyer in St. Louis, MO presents details to consumers and business owners about the chapter.
Qualifying for Chapter 7
To qualify for chapter 7, the claimant must have enough assets to settle their debts. The court will evaluate their assets and compare them to the claimant’s debts. The purpose is to sell assets to accumulate enough proceeds to pay off their debts in up to six months. If they have enough assets to conduct liquidation, the consumer is approved.
Surrendering Ownership of Assets
The next step is surrendering ownership of the listed assets. The consumer or business owner must surrender all deeds and titles to the court. The court needs the documentation to conduct the liquidation process and start the sale process. A trustee is assigned to the claimant’s case to manage all requirements of the process.
The Sales Process
During the sale process, the trustee may publish legal notices in the local newspaper about the sale of certain assets. They may also publish notifications about the real property through outlets that could attract investors and potential buyers. They conduct a sale or auction for each asset presented by the claimant.
What to Expect Next
A consumer may experience some difficulties in establishing new lines of credit at first. The bankruptcy remains on their credit report for up to ten years. For a business, liquidation means that they are shutting down their company entirely. They cannot operate the company listed on the claim ever again.
In Missouri, claimants file for chapter 7 when they want to use assets to pay off their debts. The process allows them to utilize assistance from the court to sell the property quickly and use the proceeds to eliminate all debts listed in the claim. Consumers or business owners who need to talk to a chapter 7 lawyer in St. Louis, MO can visit Stlbankruptcyfirm.com today.