Springfield Chapter 7 Lawyer

Experienced Chapter 7 Bankruptcy Guidance in Southwest and Central Missouri

Chapter 7 Bankruptcy is often referred to as a liquidation bankruptcy. However, this term is misleading as 99% or more of debtors generally do not have any property they will lose in the bankruptcy proceeding. Laws called exemptions are used to protect your property.

The knowledgeable and experienced bankruptcy attorneys at the Licata Bankruptcy Firm PC can advise you if there would be a risk of losing any assets in a Chapter 7 bankruptcy filing or other debt relief options.

Schedule a complimentary consultation by calling (417) 213-5006 or filling out an online form. Our Chapter 7 bankruptcy attorneys in Springfield are ready to help you. Licata Bankruptcy Firm has locations in Springfield, Branson, and Lebanon.

Advantages of Filing Chapter 7 Bankruptcy

Both Chapter 13 and Chapter 7 bankruptcy have their advantages and disadvantages. Before making a decision, reach out to a Springfield Chapter 7 lawyer near you to see which option will work best for your debt.

Chapter 7 benefits include:

• Chance at a "fresh start" -- most of your debt may be discharged, though keep in mind that not all debts are dischargeable (student loans, child support, alimony, certain taxes, etc.)
• You will be able to keep future income even after you file.
• There is no repayment plan -- your debt will be discharged and you will not be responsible for it.
• Debt discharge is immediate

Free Initial Consultation: Learn About Your Options

Our initial consultations are always free. We offer a free 1 hour consult to review your case in detail and educate you on the bankruptcy process. During this consultation an analysis of your specific situation will be used to determine if a Chapter 7 bankruptcy in Springfield, Missouri is the right solution to your financial problem.

Preparing for Your Chapter 7 Consultation

There is no documentation that is needed. Just a general understanding of your financial situation will allow the attorney to explain your options. In the consultation your income, assets, and liabilities will be discussed.

Chapter 7 Bankruptcy Filing Requirements

Documentation needed to file your bankruptcy case will be provided in detail at your initial consultation. 

Payments include a $1,000 attorney fee + $338 court filing fee.

All Chapter 7 bankruptcy cases will require:

• last year’s tax return
• pay devices
• pay stubs for all pay periods within the last 60 days
• evidence of all income earned in the prior 6 months
• a certificate of credit counseling
• a list of all creditors including all secured, and unsecured debts

A blank form can be found on our client resource page to write all the creditor information down and to help keep you organized. Any more specific information that is needed for your case will be discussed at your free consultation.

Missouri Is Raising Its Bankruptcy Exemptions on January 1, 2027

Starting January 1, 2027, Missouri will protect more of your property in Chapter 7. The homestead exemption rises from $15,000 to $40,000 and the motor vehicle exemption rises from $3,000 to $5,000, under House Bill 1870, passed in 2026. Until then, the current amounts apply. The change matters most if you own a home, rely on a car, or worry about what a trustee could take.

Chapter 7 is called a liquidation bankruptcy, but exemptions are what keep most filers' property safe. A trustee can only sell property that exemptions do not cover. Missouri filers must use Missouri's exemptions, because the federal exemption list is not available in this state. Our guide to Missouri's bankruptcy exemptions covers the full list.

Up to $10,000 of an unused household goods exemption can be added to the vehicle exemption, for a combined maximum of $15,000. The wedding ring exemption stays at $1,500. Starting April 1, 2029, and every three years after that, the dollar amounts adjust for inflation based on the Consumer Price Index, rounded to the nearest $25.

Source: the 2026 Frank W. Koger Bankruptcy Symposium summary of the revised Missouri exemptions, published by the U.S. Bankruptcy Court for the Western District of Missouri.

What The New Amounts Could Mean for You

Take a homeowner with $30,000 of equity. Under the current $15,000 homestead exemption, $15,000 of that equity is exposed. Under the $40,000 exemption, all of it is protected.

The same goes for a car with $4,500 of equity. Today, $1,500 of it sits outside the vehicle exemption. In 2027, the $5,000 exemption covers it in full.

The larger wildcard also gives you more room for property that no other exemption covers, such as cash on hand or an expected tax refund. If your equity still exceeds the exemptions, Chapter 13 is another way to keep your property.

Get Help from Our Chapter 7 Bankruptcy Attorneys in Springfield

Licata Bankruptcy Firm PC believes in personalized service to accurately prepare your bankruptcy case. You will personally meet with us in our office where we will fill out all your paperwork, so that when you leave our office your case is ready to file.

This will ensure you have a full understanding of the paperwork being prepared and the accuracy and efficiency of the filing process is intact. Debtors bring their required paperwork to the filing appointment and we do all the work. Our firm is dedicated to ensuring the bankruptcy process is as seamless and pleasant as possible.

Ready for a Financial Fresh Start? Contact (417) 213-5006 for a Free Consultation. Our Springfield Chapter 7 Lawyers Are Here for You.