How to File Bankruptcy in Columbia, Missouri

According to law, it is essential for corporations and partnerships to have an attorney to represent them in a bankruptcy case. Individuals may be allowed to file for bankruptcy themselves; however, U.S. courts strongly recommends filing for bankruptcy under the guidance of a competent attorney. This is important because the process of filing for bankruptcy is highly technical. An error can cost the debtor his rights.

• 1

  Check which type of bankruptcy you qualify for -- Chapter 7 or Chapter 13. Chapter 7 bankruptcy erases all your unsecured debt within months in return for all of your nonexempt assets. Chapter 13 bankruptcy erases your debts in three to five years and it requires you to pay a part of your debt in the form of monthly payments and adhere to a strict budget lifestyle that will be closely monitored by a trustee of the bankruptcy court. In case you default on a monthly payment, Chapter 13 no longer applies and your debts remain.

• 2

  Complete the "means test" specified under the bankruptcy law to initially determine the type of bankruptcy you qualify for. You would need to fill in Form 22A for Chapter 7 bankruptcy or Form 22C for Chapter 13. This test uses such data as your monthly income, amount and type of debts and other financial information. If your annual income is lower than the Missouri median income defined for your household size, then you are eligible to file for Chapter 7 or 13 depending on whether or not you meet the other qualifications mentioned above. You can find Missouri median income details on the Department of Justice website. Avail of Bankruptcy Means Test calculators offered free online (see Resources) to determine the possible outcome of your real means test.

• 3

  Find out if you are eligible to file your bankruptcy case at the Missouri Western District Bankruptcy Court. To file here, you should have lived in Missouri for a minimum of 91 days in the past six months. If you are a recent resident of Missouri, you may have to approach the courthouse under whose jurisdiction your earlier zip code falls.

• 4

  Participate in a mandatory credit counseling session before filing for bankruptcy and get a certificate for proof. This session can be carried out online or through phone. You can find a list of court-approved credit counselors for Missouri on the U.S. Trustee program website.

• 5

  Fill forms requiring complete details of your current debts, income, assets and expenses. You may have more than 50 forms to fill in. You can find a list of all forms required on the website of Missouri Western District Bankruptcy Court. You can hire a bankruptcy attorney at any point before filing of the bankruptcy process if you feel you need professional guidance. Use directories available online to find bankruptcy lawyers in Columbia, Missouri (see Resources).

• 6

  File your forms with the bankruptcy court. You would need to pay fees depending on the type of bankruptcy.