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Bankruptcy Law Frequently Asked Questions (FAQs) | Missouri & Illinois Common Bankruptcy Legal Questions

Q: Can I choose between Chapter 7 and Chapter 13 bankruptcy?

A: Usually, it is your financial situation that chooses for you. Based on your assets, which property you want to keep and your debts, one type of bankruptcy will usually emerge as the right one for you. The ability to file Chapter 7 bankruptcy in Missouri and Illinois is based on a means test. If you cannot pass the means test, then Missouri or Illinois Chapter 13 bankruptcy is most likely the right path for you to take.

It is important that you find an attorney who will help you determine which kind of bankruptcy is the right one for your exact situation. Find a St. Louis, Missouri or Fairview Heights, Illinois bankruptcy attorney who will talk to you for free about your specific situation and help you determine which type of bankruptcy is right for you. You always have the right to choose unless you are not eligible under one chapter for some very specific, limited reasons like a prior discharge. However, the consequences of choosing the wrong type of case for your situation could be disastrous.