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You should never transfer your property to others’ ownership prior to bankruptcy. While this may sound appealing, it is considered fraud. It will lead to complications and difficulties in your bankruptcy and will ultimately not protect your assets. The transferred assets can be legally seized by creditors or trustees from the new owner. Thus it…
You should not borrow against your home property to pay off debt. Missouri homestead exemption laws protect some or all of your home equity when filing for bankruptcy. If you do borrow against your home, you will likely have higher payments in the future and risk losing home ownership in the future. A better option…
Most of the time you should not take out loans against IRAs or other types of retirement accounts to pay off your debts. Missouri laws in St. Louis protect most or all of your retirement funds during a bankruptcy. Therefore, you can often reorganize or eliminate debt without losing your retirement funds. Withdrawing funds before…
I often get asked about the difference in the several chapters of bankruptcy by my clients. Generally, my business clients ask about Chapter 11 bankruptcy. A Chapter 11 bankruptcy is designed for two specific reasons: 1) restructuring business debt and 2) restructuring consumer debt for individuals that exceed the debt limitations for Chapter 13 bankruptcy.…
How should you handle your retirement plan before filing for St. Louis bankruptcy? Our clients often wonder how St. Louis bankruptcy effects their retirement. It’s easy to understand why people would ask this and wonder about the possibility of their retirement accounts being depleted. Financial planners also ask us about this in order to give…