Missouri Chapter 7 Bankruptcy
The Chapter 7 bankruptcy is a common form of consumer bankruptcy. It is often referred to as a “Fresh Start” bankruptcy. To determine his or her eligibility for a Chapter 7 bankruptcy, a debtor’s finances are analyzed using several “tests,” which help determine whether the debtor can afford to repay his or her creditors and whether receiving a Chapter 7 bankruptcy discharge is fair to the creditors. These financial tests include the Means Test, which considers how much money was made by the debtor over the 6 month period prior to filing; the Budget Analysis test, which considers the debtor’s income and expenses after excluding the “bad debt” that will be discharged; and the Asset Analysis test, which examines whether a debtor owns too much high-value, unencumbered, non-exempt property. If the debtor has too much income in the Means Test, has too much of a budget surplus in the Budget Analysis, or too much unprotected, valuable property, the budgeted repayment plan of a Chapter 13 bankruptcy may be a better option.
Please fill out the form to the right to speak with Ms. Williamson and find out whether you qualify for a Chapter 7 bankruptcy.
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Missouri Chapter 13 Bankruptcy
In the Chapter 13 bankruptcy, the other common consumer bankruptcy option, the central feature is a budgeted repayment plan, where the debtor pays his or her debts based on a calculation of what he or she can actually afford, often instead of what is actually owed. In many cases, the amount of unsecured debt paid back is less than the full amount owed. A Chapter 13 bankruptcy can, in certain circumstances be as short as 36 months, and may last as long as 60 months. The tests in a Chapter 13 bankruptcy are similar to those listed to the left for a Chapter 7 bankruptcy. However, in a Chapter 13 bankruptcy, the tests are primarily used to determine how much the debtor can afford to pay back, after paying for his or her reasonable and necessary monthly expenses. A Chapter 13 bankruptcy can give a debtor breathing room to catch up on home mortgage or car payments, delinquent domestic support obligations, and tax debts.
Fill out the form to the left to speak with Ms. Williamson to find out whether a Chapter 13 bankruptcy is a good choice for your situation.
Carrie B. Williamson – Attorney At Law – Missouri Chapter 7 Bankruptcy – Missouri Chapter 13 Bankruptcy
Carrie Williamson serves clients across central Missouri, working primarily in the areas of consumer bankruptcy, probate, and real estate.
Carrie is board member of the Waynesville-St. Robert Chamber of Commerce. She previously served on the Pulaski County Extension Council and on the board of directors of the Pulaski County Growth Alliance. Carrie volunteered as a Pulaski County Master Gardener for many years. In 2015, Carrie and her husband acquired “Wild Side Farm,” a 26 acre property in Richland, Missouri, which they are developing as an ecological agriculture venture.
- B.S., Animal Science, University of Missouri-Columbia, 1993
- B.S., Equestrian Science, Stephens College, 1993
- M.B.A., Webster University, 2003
- J.D., Magna Cum Laude, University of Missouri-Columbia School of Law, 2010
- The Missouri Bar (Since 2010)
- Pulaski County Bar Association
- American Bankruptcy Institute
Areas of Practice
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- U.S. District Court, Eastern District of Missouri
- U.S. District Court, Western District of Missouri