Get Financial Relief From a Bankruptcy Attorney in St. Louis, MO
Though bankruptcy often has a certain stigma attached to it, most people find it helpful to file when their finances are out of control. If you have done all you can to get out of debt and are not finding relief, it is important you learn about your rights for getting help through a Bankruptcy Attorney in St. Louis, MO. An attorney can advise you of your options for filing for bankruptcy so you can finally overcome your debts.
There are a couple of different options for consumers who need to file bankruptcy. The first type is chapter 7. This type is typically the easiest and fastest way to settle debt. As long as income requirements are met, the person can be eligible for filing. In some cases, property must be submitted for liquidation. Most people do not have qualifying property and have their debts absolved by the court appointed trustee.
Another option for filing bankruptcy is chapter 13. This type is geared towards consumers who have secured debt. It can help homeowners avoid foreclosure and can assist people in preventing their vehicles from being repossessed. There are no income requirements to meet, but those approved for bankruptcy are required to pay a monthly payment to the court each month. This amount is given to those they owe, so the debts are slowly paid down.
Chapter 7 bankruptcy typically takes around six months to be finished, while chapter 13 will take between two to five years. Both have their positives and negatives, so it is important to meet with a Bankruptcy Attorney in St. Louis, MO to find out which type will be most beneficial. This can be decided by the amount and type of debts owed, the income, and any assets owned.
Hiring a Bankruptcy Attorney in St. Louis, MO can give you the legal guidance you need so you can get over your debts. This will stop those harassing phone calls and give you peace of mind on how to proceed. If you are dealing with more debt than your income can pay, call the office of Van Dillen & Flood P.C. St. Louis, MO. With their help, you can file for bankruptcy so you can have a brighter financial future. Click here for more information.