As much as people do not want to think about it, sometimes unfortunate situations happen with homeowners and they can no longer afford their homes. Eventually, the home might go into foreclosure. Other things will begin to break down in the home financial situation and drastic measures must be taken. The most direct way to combat such a terrible situation is to file bankruptcy. If you are going to have to file bankruptcy in Missouri, a Bankruptcy Lawyer St. Charles MO deals with these issues every day. Here are some things you to need to know about filing bankruptcy in the State of Missouri.
The two basic bankruptcies usually taken advantage of are the Chapter 7 and the Chapter 13. In the latter case, it becomes your only option in the State of Missouri if you have fallen behind on your mortgage and want to maintain it. The option will buy you time to make the overdue payments in increments, restoring you to the original mortgage agreement. Also, it is pertinent to understand that the Chapter 13 bankruptcy will be the better choice to make if your income exceeds the amount that would be practical for a Chapter 7 bankruptcy, or you have some debt that will not be discharged under a Chapter 7 bankruptcy.
If you choose to file a Chapter 7 bankruptcy and are able to, you will be presented with several advantages. The first and foremost advantage is you get to start over, fresh financially. You stop all immediate proceedings to collect debts by creditors, except under certain circumstances where the debt cannot be discharged. You stop all wage garnishments. Furthermore, the wages you earn after the filing of bankruptcy are yours completely. There is no minimum amount of money you need to make to file for this type of bankruptcy and the whole process usually lasts no longer than six months.
If you need a Bankruptcy Lawyer, you can call upon a law firm that has over 70 years of combined experience. Van Dillen & Flood P.C. St. Charles MO provide representation in St. Louis, St. Charles and the surrounding areas in Missouri. If you want their assistance as your Bankruptcy Lawyer St. Charles MO, visit their website, which is located at Website.com.
