Missouri bankruptcy law allows for two different ways for businesses and corporations to declare bankruptcy: Chapter 11 or Chapter 7. Individual consumers may utilize other filing options under bankruptcy laws in Missouri.
Filing bankruptcy ranks among the many different options for recovering from financial failure. In order to make the best decision for your specific situations and for the future, explore all of your options and take action. You may also want to look up some Missouri bankruptcy attorneys to provide professional advice.
When determining whether bankruptcy is the right option for you, consider the following information about Missouri bankruptcy law:
1. Filing for bankruptcy in Missouri through Chapter 11, you can reorganize the business and try to get yourself out of debt. Missouri bankruptcy law firms will tell you, however, that the court may appoint an overseer to be consulted for major financial decisions.
2. MO bankruptcy laws also allow for filing under Chapter 7. This option is for a company with no hope of recovery. The court appoints a trustee in charge of liquidating all assets and distributes it to creditors and investors.
3. Bankruptcy options in Missouri may mean not filing for bankruptcy at all. Debt consolidation and management programs may help you get out of the hole. Consult Missouri bankruptcy lawyers on alternatives.
Action Steps
The best contacts and resources to help you get it done
Know the requirements included in Missouri bankruptcy law
If you're considering filing for bankruptcy, you most likely have many questions on how the move could affect your assets and credit, among others.
I recommend: Visit the Exit Strategies page at the
Missouri Business Development Program, where you can download a Bankruptcy Tax Guide and review the sample forms. For help with common questions, check out the
Missouri Legal Help Center. It gives information on when someone can file for bankruptcy, and the pros and cons of filing for bankruptcy.
Explore bankruptcy options in Missouri
Filing for bankruptcy may seem like your only option, but consider other alternatives to get your business back on track.
I recommend: Research
Corporate Turnaround's business debt relief program. Consider some
debt counseling sessions. You may be required to undergo credit counseling if you decide to file for bankruptcy anyway, but it may be a way to avoid filing altogether.
Find Missouri bankruptcy lawyers
Missouri bankruptcy law firms can help you with the bankruptcy process. You can file on your own but it may be best to at least consult with Missouri bankruptcy attorneys first to learn more about your rights or other alternatives.
I recommend: Check out the databases of Missouri bankruptcy lawyers listed at
TotalBankruptcy and
Lawyers.com.
Tips & Tactics
Helpful advice for making the most of this Guide
- Bankruptcy law in Missouri allows your bankruptcy filing to remain on your credit report for up to 10 years. The petition and related documents are also considered public records, which means your bankruptcy information may be accessed by others in the future.
The official source of Missouri Bankruptcy Law is
the Missouri Bankruptcy Law page at Business.com
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