Going through times of high debt can be stressful in many ways. People often reach for credit cards to overcome their debt, only to find they are in worse shape. Many people end up finding the help they need by contacting a bankruptcy lawyer in St. Charles, MO. A lawyer can help a person settle their debts and set them free of financial worry.
To find out which type of bankruptcy will be most beneficial, a person should schedule an appointment with a bankruptcy lawyer in St. Charles, MO. A bankruptcy lawyer will ask the person to bring in the debts they owe and their income and asset information. These can prove helpful in deciding which type of bankruptcy will be most beneficial.
There are two types of bankruptcy a bankruptcy lawyer in St. Charles, MO can offer. Chapter 7 is for those who are struggling with debts like hospital bills and credit card payments. These are considered unsecured debts and are typically easier to absolve than those with property attached.
In a chapter 7 bankruptcy, a court trustee works to pay off debts through the liquidation of property. If no non-essential property is owned, the trustee has the power to absolve debts. This process is typically carried out in less than six months time.
There is also an option for filing for chapter 13. In this type, debts are paid off through a court-ordered payment that is made each month. The amount paid is distributed among the debts owed. Payments during a bankruptcy period are typically lowered to help people get back on their feet financially. This bankruptcy settles all debts owed in a period of two to five years.
Though debts can be difficult to go through, ignoring them will not make them go away. Seeing a lawyer can make a big difference in helping a person overcome their debts without so much stress. Visit website for more details.
To learn more about bankruptcy options, contact Van Dillen & Flood P.C. They help people who are drowning in debt see a light at the end of the tunnel. Call them today to learn more about debt relief.
