What Can Bankruptcy Do for Me?

Bankruptcy may make it possible for you to:

  • Eliminate the legal obligation to pay most or all of your debts. This is called a “discharge” of debts. It is designed to give you a fresh financial start. (see bankruptcy – Missouri exemptions)
  • Stop foreclosure on your house or mobile home and allow you an opportunity to catch up on missed payments. (Bankruptcy does not, however, automatically eliminate mortgages and other liens on your property without payment.)
  • Prevent repossession of a car or other property, or force the creditor to return property even after it has been repossessed.
  • Stop wage garnishment, debt collection harassment, and similar creditor actions to collect a debt.
  • Restore or prevent termination of utility service.
  • Allow you to challenge the claims of creditors who have committed fraud or who are otherwise trying to collect more than you really owe.

What is Bankruptcy?

Bankruptcy is a legal proceeding in which an individual who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out according to the law.

LET US HELP YOU

Attorney Mark McMullin has years of experience in probate and the complicated process that can be involved. Please contact our office to arrange an initial consultation.

WHAT PROBATE OPTIONS ARE AVAILABLE FOR SMALL ESTATES ?

Missouri has a simplified probate process for small estates that meet certain qualifications. This process allows you to cut down on the time and costs of probate.
There are two forms of condensed probate proceedings in Missouri:

  • RSMO 473.090 (“letters of refusal”)
  • This involves estates of $15,000 or less
  • RSMO 473.097 (“Small Estates”)
  • This involves estates of $40,000 or less

This process usually requires the beneficiary of the estate to file an affidavit in the Probate Division describing the decedent’s property, setting out the names and addresses of the individuals entitled to receive the property, and state all unpaid debts of the decedent will be paid. It usually takes the probate court 7-30 days to issue a decree.

HOW MUCH DOES PROBATE COST ?

Missouri law sets forth the minimum fees for attorneys in probate cases. See Section 473.153. Attorneys collect a percent of the personal property administered and of the proceeds of all real property sold under order of the probate court. The following table shows the minimum fees as of June 2013.

Amount Percent Fee
On the first $5,000 5%
On the next $20,000 4%
On the next $75,000 3%
On the next $300,000 2.75%
On the next $600,000 2.5%
On all over $1,000,000 2%

how should i choose a probate attorney ?

It is important to remember that you will be working with the probate attorney for 6 months to a year. You not only need to choose an experienced probate attorney but also one with whom you will be able to work well. At Moss, Stillwell & Surratt we pride ourselves on being professional while making sure that our clients feel comfortable. We are happy to meet with you for a free consultation during which time you can see if we are a good fit for you.
You should also know that Attorney Bob Stillwell is a former probate judge. He adds a tremendous amount of experience and wisdom to our probate team.

HOW LONG DOES PROBATE TAKE IN MISSOURI ?

The earliest that an estate may be closed and distribution made to the heirs or beneficiaries is approximately six months and 10 days after the date of first publication. However, it often takes a year or more to finish the administration.

WHAT ARE THE STEPS IN THE PROBATE PROCESS ?

  • 1. Hire an attorney to represent you.
  • 2. Apply for Letters Testamentary if there is a will admitted (or apply for Letters of Administration without a will).
  • 3. Publish notice to creditors. The date of first publication starts a six-month period for claimants to submit their claims to the court and the personal representative.
  • 4. Inventory and appraise assets.
  • 5. Administer the estate and sell property if funds are needed to pay bills.
  • 6. Pay debts, claims, taxes, and expenses.
  • 7. Prepare a settlement showing income and disbursements.
  • 8. Obtain court approval for distribution and close estate.

WHAT LAW GOVERNS MISSOURI PROBATE ?

Missouri law governing probate is found in Sections 472-275 of Missouri Revised Statutes. In there is no will, state law determines how the individual’s assets are distributed. See Section 474.010 for a list of beneficiaries. If a married individual, with children dies, the first $20,000 of the estate goes to his spouse with the remainder of the estate being split equally between the decedent’s spouse and children.

WHAT IS THE ROLE OF PERSONAL REPRESENTATIVE ?

The decedent’s property is held and managed by the personal representative during the administration of the estate. The personal representative makes distribution of the estate when the probate court approves the transactions made to pay claims and expenses and the proposed distribution schedule.