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What Property Can I Keep?

Missouri Bankruptcy Exemptions Let’s say you are thinking about filing for a Missouri bankruptcy, and you are wondering about the fate of your home, vehicle and other property. It is natural to worry when you are in the position to consider a Chapter 7 or Chapter 13 bankruptcy on top of the anxiety you may already be feeling from financial troubles. You don’t want to lose your home. You don’t want to lose your vehicle. There is hope – keep reading. Standard Bankruptcy Exemptions in Missouri The state of Missouri offers certain exemptions so that you can keep your property after filing for bankruptcy. When property is “exempt,” this means that the bankruptcy trustee cannot take or sell the property to pay creditors. The biggest exemption is for home equity, but most people are able to keep much more property, as well. For married couples filing jointly, some exemption amounts…
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Four Common Student Loan Repayment Mistakes to Avoid

More than 44 million Americans are currently paying back $1.44 trillion in federal student loans. More than 1.1 million of those borrowers defaulted for the first time during 2016. Defaults are increasing because borrowers are not being given information that could help them manage payments. As a result, it has become very easy to make mistakes during the repayment process. Fortunately, there are ways you can avoid making some of the most common mistakes while repaying your student loans. When it comes to repaying your federal student loans, knowledge is power. Mistake #1: Not Setting Up Autopay Setting up autopay with your bank and servicer can help you manage your monthly student loan payments. Instead of having to worry about remembering your payment due date each month, the funds would be automatically deducted from your bank account. While autopay is very helpful for many borrowers, there are also ways to…
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Need Cheap Medical Care? Here is Where to Go in Kansas City

For people with no health insurance and/or low income, finding medical care can be a daunting process. Expensive treatments and unaffordable medical bills can quickly turn into a financial horror story. People with or without health insurance who have low income can take advantage of Federally Qualified Health Centers (FQHCs), community medical centers that are reimbursed by the Department of Health and Human Services. These medical centers receive grants under the Public Health Service Act to provide a number of services to patients. Like all hospitals in the United States, FQHCs offer services to everyone. However, there are major differences that separate FQHCs from regular emergency rooms. FQHCs offer sliding scale discount programs for households between 100% to 200% of the federal poverty level, meaning patients owe only what they can pay. Full discounts are provided for households who are at or below 100% of the federal poverty level. Discounts…
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The 2005 Rule Change to Chapter 7 Filings in Kansas City

Under the 2005 changes to the bankruptcy rules, the first step in figuring out whether you can file under Chapter 7 is to measure your “current monthly income” against the median income for a family of your size in your state. This is called the “means test.” A qualified Kansas City bankruptcy lawyer will be aware of the requirements and can help you. If your income is less than or equal to the median, you can file for Chapter 7. Importantly, if your debts are primarily business related, the means test may not apply to your ability to file Chapter 7. If your income is more than the median, you must pass the “means test” in order to file for Chapter 7. The purpose of the means test is to ascertain whether you have enough disposable income, after subtracting certain allowed expenses and required debt payments, to repay at least…
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