Here are some of the most commonly asked questions when considering bankruptcy:

Can I keep my retirement accounts?

Yes. Missouri protects nearly all types of retirement accounts from creditors, including IRAs, Roth IRAs, 401(k)s and 403(b), among others.

Will I be able to keep my house?

The short answer is probably. Bankruptcy can stop an imminent foreclosure proceeding, allowing the home owner to stay in the house for a substantial period of time.  Factors that are examined in a bankruptcy context are the amount of equity in your property, whether or not you are current on your payments and whether or not it is your primary residence.  It is of the utmost importance that you communicate your long term goals regarding your house with your attorney.

What types of debts can be eliminated with Chapter 7?

Chapter 7 bankruptcy relief will eliminate the majority of an individual’s unsecured debts.  Unsecured debts commonly include debts from medical bills, credit cards, repossessions, loans, rent and utilities.

Some debts that will not be eliminated are child support, alimony, student loans, spousal support, some tax debts, debts to the government and court fines.

If you are considering filing for bankruptcy, it is best to meet with a St. Louis bankruptcy lawyer to best assess your options. Call the AKS Law Firm today for your free consultation.