In this country, many people are burdened with debt. This debt can be difficult to manage at times; it can leave many people living paycheck to paycheck. One small incident can cause this debt to snowball into a serious financial problem, and, ultimately, it can hinder a person’s ability to own a vehicle, find a home, or even get a job. Fortunately, a bankruptcy law firm in St. Louis, MO can help.
Chapter 13 bankruptcy
One method for getting out of debt is to file chapter 13 bankruptcy. This type of bankruptcy allows the debtor to restructure their debt in a more manageable payment plan. A person with a regular income can apply for this and offer a repayment plan for their debts. This payment plan can allow debtors to repay their debt in installments over a three to five-year plan, which can help a person rebuild their finances in a relatively short period of time.
Chapter 7 bankruptcy
Another option for debtors is chapter 7 bankruptcy. This option is for those with very little income and assets. All income and assets are assessed and any nonexempt assets are sold. This money is then distributed to creditors according to the bankruptcy code. Any remaining debt is then discharged through the court to allow person to come out from the crushing effects debt can cause.
Help from an attorney
Filing any type of bankruptcy can be a difficult and confusing process. There is a lot of paperwork that must be accurately filed to prevent delays or problems with the process. In addition, a court appearance will be necessary to finalize the bankruptcy. A bankruptcy law firm in St. Louis, MO can assist with every aspect of this process. They can explain the details and ensure all parts are handled efficiently and accurately. They will even attend all court hearings to ensure a proper outcome.
Debt can be difficult to manage. Far too many people suffer from the difficulties associated with debt. Fortunately, there are options for easing such a burden. An attorney is strongly recommended to file bankruptcy. For more information about bankruptcy, visit Stlbankruptcyfirm.com.