Debt can get out of hand for a variety of reasons. Sometimes it may be from overspending and in other cases it could be due to a job loss, illness or injury. Whatever the circumstances are, an experienced lawyer with Bankruptcy St. Charles MO can offer sound legal advice on the right path to follow to get the debt under control. Bankruptcy can be filed for consumers and for a business. Consumers are eligible to file Chapter 7 or Chapter 13. Small businesses are eligible to file Chapter 7, Chapter 11 or Chapter 13. Choosing the right option should always be discussed with a skilled bankruptcy attorney before making a final decision.
In a Chapter 7 bankruptcy for consumer debt, a trustee will inventory all of the assets and liquidate items that are not exempt from the bankruptcy to pay off the debt. There are certain debts which will never be discharged during a bankruptcy. Alimony, child support, fraudulent debts, certain taxes, student loans and several other debts will never be discharged through a bankruptcy proceeding. Chapter 7 Bankruptcy St. Charles MO is usually a great opportunity for individuals which have a large amount of unsecured debt, such a credit cards and have very few assets to sell. In many cases, the bankruptcy will eliminate all of these debts. Some debts such as a car or home can be kept by reaffirming the loan papers.
A Chapter 13 bankruptcy for consumers restructures the debt that is owed. There is a 3-5 year repayment plan to all of the creditors that are owed money. Chapter 13 can stop foreclosure proceedings on a home and repossession on a car. It can also be used to stop tax debt from continuing to accrue. If the consumer stays with the repayment plan, the balance of the debt will be released at the end of the repayment plan.
The Law Offices of Steven K. Brown have been representing bankruptcy customers for over 35 years. Their extensive knowledge in the bankruptcy laws for consumers will help an individual make a sound decision about their financial future. For more information, please feel free to browse website.