Overwhelming debt can be more than a simple nuisance. Trying to overcome debt when your income is too small, unexpected illness strikes or after the loss of a job can be impossible. Thankfully, there are laws in place that are meant to help people who are in debt. It is their right to file for bankruptcy so they can overcome their debt in a timely manner and secure a brighter financial future. With the help of a Bankruptcy Lawyer St. Louis, a person can better understand their rights and get the financial help they need.
When a person meets with a Bankruptcy Lawyer St. Louis, they are given two different options based on the debts they have, their income, and assets. The first option is the fastest and is able to be settled in six months or less. Chapter 7 bankruptcy is for those who have mostly unsecured debts. The person who applies must surrender any assets above their non-essential belongings so they can be sold to pay off the debts owed. If no properties are owned, the court-appointed lawyer simply absolves the debts.
The Bankruptcy Lawyer St. Louis will also offer chapter 13 bankruptcy. In this type, an applicant can avoid the foreclosure process on their home or the repossession of their car. Chapter 13 allows people two to five years to pay off their debts through a monthly payment schedule. The payments are set up, according to a person’s monthly income. The court often lowers their payments to a more affordable amount, so they are not so burdened financially. Click here for more details.
Meeting with a lawyer will allow a person to better understand their options so they can make a wise decision based on their financial needs. Most bankruptcy lawyers offer free consultation appointments, so it is easier for people to get the legal advice they need without financially stressing themselves further.
To learn if bankruptcy can help you with your overwhelming debt, contact the Law Offices of Steven K. Brown in St. Louis. They will be happy to help you in your pursuit of freeing yourself from debt so you can have a better future. Through a free consultation appointment, you can learn more about your options.
