Debt has become a national problem and has worsened over the years with economic concerns. Many people are seeking credit cards and financing options to make ends meet. Though these seem like a good idea at the time, they often lead a person to experiencing debt that becomes out of control. To avoid foreclosure, repossession and wage garnishment, it can be beneficial to seek help from a Bankruptcy Attorney in St. Charles MO.
The first meeting with the Bankruptcy Attorney in St. Charles MO will involve bringing in information on the debts owed, assets owned and income. These pieces of information are crucial for assisting the attorney in making a decision on the type of bankruptcy his client should file. There are two types that are offered to individuals and couples in the United States.
Chapter 7 is a type of bankruptcy that has some requirements for approval. A mean’s test must be passed to ensure the applicant meets certain income criteria. The applicant’s assets will be checked to see if any non-essential property can be sold to pay off debts. A person’s residential home, furniture, car and clothing are exempt from liquidation. If there is no property to be sold, a trustee over the case can offer debt forgiveness, so the applicant becomes free of their debt within a period of six months.
There is also the option of filing for chapter 13 through the Bankruptcy Attorney in St. Charles MO. Chapter 13 is easier to apply for since there are no income restrictions or requirements for property release, but the process does take longer. Monthly payments are made to the court each month so debts can be paid down. This bankruptcy helps a person to overcome all of their debts within two to five years.
For those dealing with mounting debt, stress can be relieved by contacting the Law Offices of Steven K. Brown. He and his team can review a person’s financial records and assist them in deciding whether or not bankruptcy is an option. Call today and schedule a consultation appointment to learn more about bankruptcy and its benefits. Click here for more information.
