Practice Areas and Legal Definitions

Every year, more than 1,000,000 Americans file for protection under Federal bankruptcy laws. Although some bankruptcy claimants are deemed as credit abusers and/or considered financially irresponsible, many hardworking individuals and businesses can succumb to financial difficulty, and face irreparable economic crisis. Bankruptcy is designed as a legal option to help resolve such a crisis, and act as a financial life preserver for those drowning in debt. To discuss your bankruptcy options, or other areas of recourse that might be available to you, contact a qualified bankruptcy attorney who can advise you of your legal rights as stated under Bankruptcy Law and federal Bankruptcy courts.

Bankruptcy Laws:
Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as liquidation or reorganization. Under a liquidation bankruptcy (Chapter 7), a claimant files to eliminate debt through the bankruptcy court. Under a reorganization bankruptcy (Chapter 13), a claimant files a plan with the bankruptcy court proposing how to repay creditors.

In 2005, the requirements under which a debtor could file Chapter 7 bankruptcy changed with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act.  Debtors are now required to seek budget and credit counseling within six months of filing, financial “testing” is required to determine the debtor’s capacity for debt repayment, Chapter 7 cannot be filed if the household income is greater than the median household income as deemed by the state, and state exemptions cannot be applied unless the debtor has resided at current residence for over two years.

Due to the imposed requirements for Chapter 7 bankruptcy as set forth by the new laws, debtors who were eligible to file under Chapter 7 now have to file under Chapter 13 bankruptcy instead, in which individuals and creditors agree to a court-imposed plan that requires some or all debts be repaid over five years, with an appointed trustee assigned to monitor the repayment process. Bankruptcy filings will continue to be recorded on an individual’s credit report for seven years in the case of Chapter 13, and up to ten years for Chapter 7.

Foreclosure:
Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien".

A Foreclosure by Sale ends in the posting of a sign advertising the auction of your home on the sale date. The only ways to stop a foreclosure are full payment of the arrearage, or the filing of a Chapter 13 bankruptcy. Full Payment: If you are able to obtain and tender the full amount of your arrearage, including fees and costs, you can stop the foreclosure of a standard residential mortgage. Most people lack the money to make full payment. This process stops the foreclosure and allows you to repay your arrearage over a three-to-five year period. The arrearage is paid through a court-appointed official, while you resume your regular monthly payments to the bank in order to keep your home. A Chapter 13 can be filed at any time prior to the law day or sale date, and it is often the only avenue to save your home.

Debt Consolidation:
Contrary to popular belief, debt consolidation is not a loan. Debt consolidation is a process in which debt is restructured into one low monthly payment. It further enables a consumer to reduce the amount owed and thereby eliminate interest. Very often a consumer can detect warning signs of being in too much debt long before any collection notices are received. If more than two of the following signs apply to you, you are probably in too much debt:

• You have begun charging to your credit card essential expenses like food and daily expenditures
• You are making only the minimum payments on your credit cards each month
• You are near the limit of your credit cards
• You have too many credit cards
• You are unsure how much money you owe creditors

Chapter 11:
Chapter 11 is typically used for business bankruptcies and restructuring. It is not commonly used by individual consumers since it is far more complex and expensive to pursue. It allows businesses to reorganize themselves, giving them an opportunity to restructure debt and get out from under certain burdensome leases and contracts. Typically a business is allowed to continue to operate while it is in Chapter 11, although it does so under the supervision of the Bankruptcy Court and its appointees.

If you or someone you know needs the assistance of an experienced St. Louis Bankruptcy attorney, call Goldstein & Pressman, PC, today at 866-927-5941, or complete the contact form provided on this site to schedule a consultation. This office does not offer free consultations.

If you or someone you know needs the assistance of an experienced St. Louis Bankruptcy attorney, call Goldstein & Pressman, PC, today at 866-927-5941, or complete the contact form provided on this site to schedule a consultation. This office does not offer free consultations.

ADDRESS OF THE FIRM:
Goldstein & Pressman, PC
121 Hunter Avenue
St. Louis, MO 63124
Phone: 866-927-5941
Hours: M-F, 8:00AM-5:00PM

MEMBERS OF THE FIRM:

Attorney Norman W. Pressman

• Admitted: Admitted 1974, Missouri and U.S. District Court, Eastern District of Missouri; 1975, U.S. Court of Appeals, Eighth Circuit; 1976, Illinois; 1979, U.S. District Court, Southern District of Illinois; 1998, U.S. District Court, Western District of Missouri and U.S. Supreme Court.
• Colleges Attended, Degree & Year Graduated: Washington University, J.D., 1974; Washington University, A.B., 1970.
• Professional Memberships & Achievements: The Bar Association of Metropolitan St. Louis (Member, Bankruptcy Committee); The Missouri Bar; Illinois State and American Bar Associations; Commercial Law League of America; American Bankruptcy Institute; American Bankruptcy Board of Certification.
• Biography: Editor, Washington University Law Quarterly, 1973-1974. (Certified Specialist, Business Bankruptcy Law and Consumer Bankruptcy Law, American Bankruptcy Board of Certification).
• Reported Cases: Kawaauhau v. Geiger, 523 U.S. 57, 1998, argued case for Petitioner.

Attorney Steven Goldstein

• Admitted: 1975, Missouri and U.S. District Court, Eastern District of Missouri; 1979, U.S. Court of Appeals, Eighth Circuit.
• Colleges Attended, Degree & Year Graduated: University of Michigan, J.D., cum laude, 1975; Northwestern University, B.S., 1972.
• Professional Memberships & Achievements: The Bar Association of Metropolitan St. Louis (Member and Former Chair, Bankruptcy Committee); The Missouri Bar (Member and Former Chair, Commercial Law Committee); American Bar Association (Member: Business Bankruptcy Committee; Business Law; Law Practice Management; General Practice; Solo and Small Firms Sections); American Bankruptcy Institute; Commercial Law League of America (Member, Insolvency Section).
• Biography: Chairman, Commercial Law Committee, The Missouri Bar, 1983-1985.

Attorney Robert A. Breidenbach

• Admitted: 1993, Missouri; 1994, Illinois; 1997, U.S. District Court, Eastern and Western Districts of Missouri and U.S. District Court, Southern District of Illinois; 1999, U.S. District Court, Central District of Illinois; 2000, U.S. District Court, Northern District of Illinois.
• Colleges Attended, Degree & Year Graduated: St. Louis University School of Law, J.D., 1993; Southwest Missouri State University, B.S., 1990.
• Professional Memberships & Achievements: The Bar Association of Metropolitan St. Louis; The Missouri Bar; Illinois State Bar Association; American Bankruptcy Institute; National Lawyers Association.
• Biography: Member, St. Louis University Law Journal.

Attorney Kathryn M. Koch, Of Counsel

• Admitted: 1984, Missouri; 1985, Illinois; U.S. District Court, Eastern District of Missouri; 1989, U.S. District Court, Southern District of Illinois; 1992, U.S. Court of Appeals, Eighth Circuit.
• Colleges Attended, Degree & Year Graduated: Washington University, J.D., 1984; London School of Economics, London, England; Georgetown University, B.S.F.S., 1981.
• Professional Memberships & Achievements: The Bar Association of Metropolitan St. Louis; The Missouri Bar; Illinois State Bar Association; American Bankruptcy Institute.
• Biography: Phi Delta Phi (Historian, 1982-1983). Editor, Washington University Law Quarterly, 1983-1984. Co-Author: "Documenting Manufacturer's Safety Is Way to Beat Punitive Damages," Preventive Law Reporter, September, 1987. Author: Comment, "Fiduciary Shield Will Not Bar Assertion of Personal Jurisdiction Over Resident Owner of Corporate Shell," Vol. 61, No. 2, Washington University Law Quarterly, 1983.