Bankruptcy By: Kenyon Briggs.

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Presentation transcript:

Bankruptcy By: Kenyon Briggs

Life is Unpredictable Medical Expenses (62%) Foreclosure Divorce Laid off From Job Credit Card Debt Student Debt Utility Bills

How Bankruptcy Works https://www.youtube.com/watch?v=C-m3RtoguAQ

What is Bankruptcy ? Court-supervised legal process You give up your excess* Your debts disappear*

Types of Bankruptcy Chapter 7 = “Straight” Bankruptcy Chapter 13 = “Reorganization” Bankruptcy

What Happens When I File Bankruptcy? All collection calls STOP You cannot be foreclosed Your car cannot be repossessed

What Must I Give Up In Bankruptcy? Will I Lose Everything? No. Only “Non-Exempt Assets” obtained BEFORE filing.

What Must I Give Up In Bankruptcy. Will I Lose Everything What Must I Give Up In Bankruptcy? Will I Lose Everything? (Chapter 7 Only) My House? $15,000 Exemption Fully Exempt if Owned by Spouses, and only one files for C7 My Car? $3,000 Exemption My Wedding Ring? $1,500 Exemption Household Furnishings and Clothing? $3,000 Exemption Health Aids? Fully Exempt “Wild Card” $600

What May I Keep In Bankruptcy? Will I Have Anything Left? You Still Live in House You Still Drive Car

What Happens At the End of Bankruptcy? “Discharge” Credit Card Debts Medical Bills Some Personal Loans Creditors can NEVER hassle you about old, discharged debts again.

What Cannot Be Discharged? Secured Debts Mortgage, Car Loan Domestic Support Obligations / Alimony? Never dischargeable; Must be paid throughout bankruptcy. Back Taxes? Some can be discharged (3 year rule) Student Loans? Sometimes

What Does Life Look Like After Bankruptcy? All “secured” debts still exist Mortgage, Car Loan

What Does Real Life Look Like After Bankruptcy? Rebuilding Credit Secured Credit Card, Limited Opportunities to Obtain Credit, Live Small Will I Ever Have Credit Again? Yes, over time Can I Ever Own a House / Get a Mortgage? Yes Changes Need to be Made

How Does Bankruptcy Impact Credit? 160-250 Point Ding on Credit Score Discharged Debts/Bills Stay on Credit Score for ~ 7 years Bankruptcy Stay on Credit Score for ~ 7 and 10 years

How Do I File Bankruptcy? Lawyer (Strongly Advised) Decide w Lawyer if Bankruptcy is right for you Lawyer files bankruptcy for you Lawyer appears in court on your behalf By Yourself All Forms are Free on Court Website

Bankruptcy Lawyers in Columbia Missouri Bar Association http://www.mobar.org/LawyerSearch.aspx https://missouri.freelegalanswers.org/ Mid Missouri Legal Services http://mmls.org/

How Much Does it Cost to File Bankruptcy? Filing Cost ~ $300 Attorney Fees ~ Depends https://www.mow.uscourts.gov/bankruptcy/free%20forms

Tips NEVER Cash Out Your Employer-Created Retirement Accounts Pension, 401(k), etc. Creditors Want Their Money . . . They Are Sometimes Willing To Work With You Bankruptcy is IDEAL When You Have Multiple Creditors Bankruptcy CANNOT Help Much When All Debts are “Secured” (mortgage, car loan) Bankruptcy CANNOT Fix Everything