When families find themselves in financial disaster, they usually feel like they are at the end of their rope. That is the time they should tie a knot in the rope and hang on. There is help for them in those situations. Believe it or not, there is help in bankruptcy. Bankruptcy can actually give an individual, family, or business an opportunity to start over. A law firm that handles Bankruptcy in St. Louis helps clients all the time with reconstructing their financial future. You, too, can get help. However, here are some things you need to be aware of about Missouri bankruptcy.
There are two types of bankruptcies used by individuals for personal bankruptcy: Chapter 7 and Chapter 13. The first type is considered a complete erasing of debt (that can be erased) while the latter is a reorganization of debts. To go more in-depth, Chapter 7 bankruptcies allow you to discharge your unsecured debts and help you to fight off bank levies, garnishments, and liens. Chapter 7 will help you to keep your home and car under the provision for equity exemptions.
In the Chapter 13 bankruptcy, you get the opportunity to reorganize your debts, being given three to five years to handle that debt. You will be on a plan to pay it off, get it caught up, reduce the amount of the debt or eliminate it altogether. This is put into place by assessing your unsecured debt to see what you will actually be able to pay. Your secured debts will be on a plan to be made current in order to help you avoid repossession of your personal property or foreclosure of your residential home.
Steven K. Brown has a law firm that helps clients with Bankruptcy in St. Louis, Missouri. For over 35 years, the law firm has been providing solutions for various types of bankruptcies to clients in St. Louis and Clayton, Missouri. The Law Offices of Steven K. Brown in St. Louis, MO also helps clients with workers’ compensation and personal injury cases. If you need to get advice on Bankruptcy in St. Louis, Missouri.