Your Next Step when Considering Bankruptcy in St. Charles, MO

by | Oct 21, 2014 | Law

Nobody likes to think that they will find themselves in a financial situation where they have to consider filing for bankruptcy. Unfortunately, because of the economic environment, many people reluctantly find themselves in this situation. That’s why, if you’re considering Bankruptcy in St. Charles MO, it’s crucial that you speak with a legal professional with experience in bankruptcy. There are many different reasons why a lawyer is a good person to consult with. Here are a few things to keep in mind.

The first thing that an attorney can help you do is determine whether you’re a good candidate for bankruptcy. You may think you are and in some cases, bankruptcy may be the only option available to you. However, there are other options such as restructuring your debt or consolidating your debt into a single loan which may to make filing for bankruptcy unnecessary.

If you’re one of those people that have no other recourse other than to file for Bankruptcy in St. Charles MO, then you’ll need an attorney to help you determine which bankruptcy filing is going to be right for you. For example, if you’re looking to have most if not all of your debts wiped out, chapter 7 bankruptcy may be your best option. You may have to meet certain income criteria, but if your income is on the lower range, chapter 7 is going to be the bankruptcy for you.
If all you’re looking for is a way to restructure your debt with the help of the courts, chapter 13 may be a better option. This option is typically for people who have higher incomes. Chapter 13 allows them to restructure their debt into affordable payments so that they can get back on firm financial footing while satisfying their creditors as well.

The other thing to remember is that bankruptcy can be very complicated. Unless you are a legal professional, such as what you’ll find at Van Dillen and Flood P.C. St. Charles, MO you may be in over your head trying to handle the bankruptcy proceedings on your own.

Bankruptcy in St. Charles MO may not be a cause for celebration but for many people it may be the only way out of their financial predicament. In these instances, you’ll need an attorney to help you understand which bankruptcy filing is best for you. Your attorney will also help guide you through the complicated bankruptcy process. Visit website for more information.

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