Bankruptcy is often a last resort and something many people try to avoid at all costs since it can remain on their credit report for many years and make it more difficult for them to get a loan in the future. Often, bankruptcy can be necessary and it’s important to file before it’s too late. A person can seek advice from a Bankruptcy Lawyer St. Charles MO to find out if they should go ahead and file for bankruptcy or if there are other options that may work better.
Bankruptcy isn’t for someone who only has a few debts and can get caught up easily with time. It’s for a person who is facing repossession, foreclosure, garnishment of wages and more. It also doesn’t cover all kinds of debts. In most cases, student loans, child support and back taxes will not be covered by a bankruptcy. As soon as a person gets a notice that they are facing a foreclosure, repossession, garnishment or a lawsuit to pay their debts, they should go ahead and talk with a bankruptcy lawyer to find out what their options are.
If bankruptcy is going to be the right option for them, a Bankruptcy Lawyer in St. Charles MO can take a look at their finances and help them figure out which debts can be included, which ones they will be required to pay, and which chapter is going to be the right one for their situation. Chapter 7 and Chapter 13 are the two most common chapters for a person who does not own a business. If the person does own a business, the lawyer can review other options they might have and discuss how the business is going to be impacted by a bankruptcy.
Bankruptcy may be a last resort, but it’s important to talk with a lawyer before it’s too late for the bankruptcy to help them save their home, vehicle, and more. Anyone who is interested in learning more about bankruptcy or finding out if it’s the right step for them can visit the website for the Law Offices of Steven K. Brown. When they’re ready, they can have a consultation with a bankruptcy lawyer to learn more about their specific situation.
