Bankruptcy is usually a last option for helping a person get their debts back under control, but it is a process that can be very beneficial. Even though it will stay on your credit history for a long time, it can help you clear off your debts and get your finances back into shape. However, you don’t want to file for Chapter 7 in St. Louis MO on your own. You’re going to want the help of a lawyer, such as one from Van Dillen and Flood P.C. St. Louis MO.
Chapter 7 in St. Louis MO is a type of bankruptcy that many individuals will be eligible. In order to be eligible, you need to have an income that is lower than the mean income for residents in Missouri. This is a standard test based on your current income, and if you are eligible your lawyer will then help you get started. If you do not pass the means test, your lawyer will help you see if other bankruptcy options, like chapter 13, are a better fit for you.
Once you have found out that you do qualify for chapter 7, your lawyer will explain the process to you and help you file. Chapter 7 in St. Louis MO is generally completed by gathering all of your non-essential assets and selling them to cover your debts. This is handled by a trustee assigned by the courts, and the entire process can take as little as 6 months. Your lawyer can help you determine which assets, like your home, are considered essential and which ones are not. They will also help you determine which debts will be cleared. Some debts, like child support or student loans, cannot be erased through bankruptcy. Credit card debts, mortgages, car loans, and other debts all can be.
If you’re in debt and would like help, contact a lawyer today and ask about chapter 7 bankruptcy. They’ll help you determine if you’re eligible and then walk you through the entire process so you can clear your debts quickly. This can help you get your finances back on track again so you don’t have to worry about debt collection calls or the threat of foreclosure. Visit website for more information.
