Financial issues can show up for many reasons, including illness, loss of job and divorce. Deciding what to do with your mounting bills and lack of money can be incredibly stressful on your relationship with family, friends, and coworkers. If you contact an attorney who is experienced in bankruptcy in St. Louis, you can find out the options available to get yourself back on track with a more stable financial future.
The most common types of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 bankruptcy is the most severe type of bankruptcy you can have as an individual. All of your assets are inventoried and collected by a trustee. The trustee will sell all of your assets for cash. This cash will pay your creditors. The only assets that will not be sold are assets that are exempt under federal or state law. This type of bankruptcy cannot be filed again for six years. Chapter 7 can discharge many, if not all, of your debts, but only an experienced attorney can determine if you qualify.
If Chapter 7 is not going to apply to your situation, another option would be Chapter 13. Chapter 13 bankruptcy in St. Louis does not require the courts to perform a complete liquidation. Chapter 13 is an opportunity to reorganize your debt. Even if you’re working overtime to try to catch up on your bills, sometimes it just isn’t enough. When you reorganize your debt, sometimes interest on unsecured debt, such as credit cards, can be reduced, and you can receive a plan to pay your debt back over a period of 3 to 5 years. Chapter 13 can also make secured debt such as your house or car more manageable to handle without losing everything you own due to non-payment. An attorney who handles bankruptcy in St. Louis can explain the options of Chapter 13 per the legal guidelines.
If you can’t seem to get your head above water financially, contact the Law Offices of Steven K. Brown. Their years of experience handling bankruptcy cases can give you the peace of mind that you need to get out of the financial situation you’re in.
