Who is eligible to file for bankruptcy in Missouri?

Missouri bankruptcy law allows for individuals who meet certain qualifications to file a bankruptcy within Missouri. In order to file for bankruptcy protection in the state of Missouri:

• You must have been a resident for 2 years or have spent the better part of your prior 180 days within the state
• You must not have filed bankruptcy too recently. This means you can't have filed chapter 7 within the last 8 years to file another chapter 7.  You must not have filed a chapter 7 within the last 4 years to file a chapter 13 and you must not have completed a chapter 13 within the last 2 years to file a chapter 13

Provided you meet the basic requirements, you may be eligible for protection. However, there are also additional requirements in order to file for a chapter 7, or total liquidation bankruptcy, wherein your debts are forgiven after an asset sale. In order to qualify for a chapter 7, you must:

• Make below the median income in Missouri or
• Pass a means test wherein you prove you will not have sufficient disposable income to repay any portion of your debts in a chapter 13 repayment plan and still have enough cash left over to provide for yourself and your family. 

To get help determining whether you are eligible to file for bankruptcy protection in Missouri, or which chapter of bankruptcy protection you may be able to file, it is a good idea to consult with an experienced bankruptcy attorney for advice.