Imagine no longer having to worry about the collection calls and harassing letters that often occur when someone is in over their heads with debt. When creditors are owed, they will stop at nothing under the law to get their money. They may garnish wages, foreclose or repossess and threaten to take people to court. Many people who feel they are drowning in the bills they owe find help when they File Bankruptcy St. Charles MO. Filing for chapter 7 bankruptcy can stop all collection activity so a person can have peace of mind in knowing their bills are being properly handled.
There are several steps that must be taken in filing for bankruptcy. The first step is bringing in financial records to File Bankruptcy St. Charles MO. When filing for chapter 7 bankruptcy, a person can be completely free of their debts in four to six months. This is typically the most uncomplicated bankruptcy to file.
* A person must first go through credit counseling by an approved agency within six months prior to filing for chapter 7.
* The lawyer will then need to help the client file the bankruptcy petition. This petition packet must be filled out in its entirety and contains information on the applicant’s finances and a calculation of their income and expenses. Any property that is considered exempt will need to be named so it cannot be liquidated.
* Once a petition has been filed, the automatic stay must go into effect. This stay prevents any creditors from conducting further collection activity.
* When a trustee is appointed over the case, it is their responsibility to try and liquidate any extraneous property that is considered non-essential. They are also responsible for reviewing the paperwork and ensuring no fraud is being committed.
Once the trustee is in charge, the proceedings go quickly and the debts are typically settled within six months. Through a court hearing, the court will decide whether or not the applicant is eligible. Once ruled eligible, the trustee is in charge of absolving the debt.
If you want to File Bankruptcy St. Charles MO, contact The Law Offices of Steven K. Brown. Allow him to help you through the entire bankruptcy process, so you can find financial freedom.
