Bankruptcy / Missouri / Troy

Filing Bankruptcy in Troy: 7 Things You Need to Know

Written by Ben Tejes
Updated Apr 16th, 2024

You are considering filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy in Troy. Bankruptcy is a common debt relief choice. In fact, many people in Missouri have received bankruptcy relief, and Troy is no different. In fact, there were 10,606 bankruptcies filed in Missouri in the year ending June 30, 2021 (Source). With a population of 12820, I’d estimate a fair number of those were in Troy.

The purpose of this article is to provide an extensive list of filing bankruptcy in Troy including:

  1. Chapter 7 Bankruptcy in Troy
  2. Chapter 13 Bankruptcy in Troy
  3. Troy Bankruptcy Attorney Fees
  4. Finding a Reputable Bankruptcy Lawyer in Troy
  5. Estimating Loss of Belonging (i.e.
  6. Getting Bankruptcy Help in Troy
  7. Bankruptcy Alternatives and Conclusion

Without further ado, let’s get started with Chapter 7 bankruptcy.

Chapter 7 Bankruptcy in Troy

Chapter 7 bankruptcy is the most common consumer bankruptcy in the United States. People appreciate the simplicity of Chapter 7 bankruptcy, the cost of the Chapter 7 bankruptcy, and the speed of debt relief. For example, in Troy, you could get debt relief in about 120 days with a Chapter 7 bankruptcy.

One of the challenges of Chapter 7 bankruptcy in Troy is that you have to qualify. In order to qualify in Troy, you often have to pass the Missouri bankruptcy means test. You can estimate that qualification below in Troy. Let’s cover how you can qualify.

Chapter 7 Qualification

The first part of the means test is to understand your income in relation to the median income levels for Missouri. It considers the average family size and income.

To estimate your qualification, you can take the Troy Chapter 7 qualification calculator below that is specific to Troy.

Finally, the most recent Missouri median income levels is for cases filed on or after April 1, 2024, and can be found below. 

# of PeopleAnnual Income

If your income exceeds the median, you can move on to the second part of the means test to estimate qualification. The second part of the means test is to understand your actual expenses. You can check out our guide covering trying to qualify for Chapter 7 bankruptcy above the median.

For example, the average median rent amount in Troy is $841, but let's say your rent is almost double that amount. Could you potentially still qualify for Chapter 7 bankruptcy because of those additional expenses? What you are able to state as ab expense is limited, and you can refer to the current national standard for the maximum amounts, but you may want to speak with your attorney about this situation.

Which Could Would You File In If You Live In Troy?

Troy is located in the Missouri Eastern district, so our understanding is that you would be filing your bankruptcy in the St. Louis bankruptcy court. Here's the estimated information we have for your court:

St. Louis Bankruptcy Court
Address: 111 S 10th St #4, St. Louis, MO 63102
Phone: (314) 244-4500

Does that mean you would have to drive to court?

Not necessarily. 

Please note that main meeting for a Chapter 7 bankruptcy is the 341 meeting of creditors, which is often online via Zoom or another teleconference after the COVID-19 pandemic. 

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is known as a wage-earner bankruptcy. Chapter 13 bankruptcy is a voluntary reorganization of debt.  In Chapter 13 bankruptcy, the individual has debt that they can no longer manage and often own assets that exceed state and/or federal relief. Folks file Chapter 13 bankruptcy often when they do not qualify for Chapter 7 bankruptcy.  

Most individuals in Troy will qualify for Chapter 13 bankruptcy as long as they are below the debt limits.

Compared to Chapter 7, there is no liquidation in Chapter 13 Bankruptcy. Although, the discharge won’t be until around 3 to 5 years. The Chapter 13 bankruptcy will stay on your credit report for 7 years.

Troy Bankruptcy Attorney Fees

When looking for a bankruptcy attorney, we recommend that you look for these 5 attributes: Rate, Reliability, Referrals, Reviews, and Relevancy. You can check our guide to find a top bankruptcy attorney in Troy.

The estimated Chapter 7 bankruptcy lawyer fee in Troy is: $1162 - $4800.

The estimated Chapter 13 bankruptcy lawyer fee in Troy is: $3,600. The Chapter 13 attorney fee is often set across the district, meaning that all Chapter 13 bankruptcy attorneys in a district may charge around the same fee.

Troy Bankruptcy Attorneys

One of the most important things to do is to find a reputable bankruptcy attorney in Troy if you decide to hire one. This is legal advice related to finances that are going to affect your future. For example, making sure you are in the right bankruptcy chapter (Chapter 7 vs Chapter 13) could cost you thousands more and take you years longer.

Chapter 7 Bankruptcy Lawyer

As stated above, Troy has a population of 12820. In many cases, individuals in larger cities such as Kansas City or Saint Louis would like a bankruptcy lawyer close by. In smaller cities, I have found that individuals have questions about whether the bankruptcy will show up in the newspaper or whether friends will hear about it. This is a valid question.

Regardless, you can check the Chapter 7 bankruptcy lawyers in or near Troy using the table below. You just need to input your zip code, and voila, you can choose which Chapter 7 bankruptcy lawyer you would like to speak to near or far away from Troy in a free bankruptcy lawyer consultation

Chapter 13 Bankruptcy Lawyer

Filing a Chapter 13 bankruptcy in Troy may be a bit more intensive, so you may consider a Chapter 13 bankruptcy that is closer to you. That said, with the internet and the pandemic, many of the meetings are now online and you can generally submit your documentation online as well.

How much a Chapter 13 bankruptcy attorney often charges is based on what's called a no-look fee. We do our best to track the Chapter 13 attorney fee in Troy.

Bankruptcy Exemptions in Missouri

As you live in Troy, you are often able to use the Missouri bankruptcy exemptions to help you keep your belongings.

One of the biggest questions people have is whether they are able to keep their homes in bankruptcy. This is where bankruptcy exemptions come into play. As Troy has a home ownership % of 63.1% and an estimated estimated home value of $147901, you can understand that many people want to keep this asset. You can often keep your assets using bankruptcy exemptions.

Here are the Missouri bankruptcy exemptions. The exemptions are revised on different occasions, so you may wish to check the most current information on exemptions. Also, as a reference, Missouri is a place that does not allow you to use federal bankruptcy exemptions. You often have to choose which one to use, so a bankruptcy attorney can help you with that option.

Homestead Exemption

The homestead exemption is often broken down by age and whether you are married. 

  • Single and under 65: $15,000
  • Single is 65 or older: $15,000
  • Married and under 65: $15,000
  • Married is 65 or older: $15,000

Missouri specific homestead bankruptcy exemption text: "Real property to $15,000 or mobile home to $5,000 (joint owners may not double)" (Source)

Automobile Exemption

The automobile bankruptcy exemption in Missouri is $3,000.

Jewelry Exemption

The jewelry bankruptcy exemption in Missouri is $0.

Tools of Trade Exemption

The tools of the trade bankruptcy exemption in Missouri is $3,000.

Wildcard Exemption

The wildcard bankruptcy exemption in Missouri is $600.

Personal Property Exemption

The personal property bankruptcy exemption in Missouri is $3,000.

Special Exemption Handling for Missouri

Below is specific special handling of bankruptcy exemptions in Missouri.

  • Jewelry: up to $1,500 for a wedding ring or engagement ring; up to $500 for other jewelry
  • Wildcard: up to $1,850 if filer is head of household, plus another $350 for each of your children

Bankruptcy Help in Troy

Unemployment can cause both frustration and angst about options. The most recent statistic I found is that the Troy unemployment rate is 4.3%. There may be resources available to help. In addition to the unemployment rate, Troy has a disability rate of 15%. As such, if you are truly in need and don’t have income, there are resources that may be available that can help you.

Check out the legal aid and free resources that may be available in Troy.

Legal Aid and Free Resources

Here are some legal aid resources that may be helpful to you in Troy.

The bankruptcy court and district may have free resources that are available to you. I have included the information below. 

Courts and Districts in Missouri

Eastern District

  • 111 South 10th Street
    St. Louis, MO 63102


  • 400 E. 9th Street
    Kansas City, MO 64106
  • 80 Lafayette Street
    Jefferson City, MO 65101
  • 222 N. John Q. Hammons Parkway
    Springfield, MO 65806

Debt Settlement in Troy

One of the most common alternatives to bankruptcy is debt settlement. A debt settlement firm would negotiate for a lower amount due on your debt in the case of financial hardship. The goal would be to reduce your debt in half. In this case, you would have a lower monthly payment.

If you are looking at debt settlement in Troy, you may want to consider a national debt settlement firm to a local one in Troy. For example, most of your creditors are probably national banks instead of local Troy banks. As such, you can potentially get lower fees by using a national firm. You should strongly consider the pros and cons and credit score impact before taking the plunge as Ascend only recommends 2 debt settlement firms nationwide that both offer free phone evaluations.


Chapter 7 bankruptcy and Chapter 13 bankruptcy in Troy can provide debt relief. That said, you may want to consider the cost of bankruptcy in Troy, the different bankruptcy chapters, reputable attorneys in Troy and alternatives to help you make the most informed decision. 

You can also take our Chapter 7 vs Chapter calculator below to help you estimate the cost and qualification of Chapter 7 bankruptcy and Chapter 13 bankruptcy in Troy.