Bankruptcy is the last-ditch effort of anyone suffering from a financial shortfall. People frequently wait too long to file for this type of protection because they worry about their credit or their reputation. The truth is credit scores will already have been damaged if bills are late, if debts have gone to collections or when a small claims lawsuit has been filed. Bankruptcy puts an end to plummeting credit scores and it is a process that can be handled quietly enough in most cases to keep it secret from friends, co-workers and neighbors.
By hiring a Bankruptcy Lawyer St. Charles MO residents will have the guidance they need to choose the bankruptcy plan that is best for them. Before making this call, be careful not to make common mistakes. Do not pay off large debts to family members or drain bank accounts to pay off unsecured debt. It is possible for the trustees to require family members to pay back the money to the court so it can be divided among all creditors. Paying unsecured debt is a mistake because a lot of the cash could have been exempt from creditors following the discharge. The amount of the total debt in a bankruptcy does not affect the credit score after the bankruptcy is complete.
Before meeting with a Bankruptcy Lawyer St. Charles MO clients should list out their debts, income and assets. This does not have to be a complete list at this point. This information is used to help the lawyer to determine whether their client should liquidate or restructure their debt. Someone with a lot of assets, for example business owners with commercial property or a lot of tools and equipment, will generally benefit from restructuring to prevent the loss of their property. The average homeowner who has only a small amount of equity in their home or vehicles will usually be able to liquidate and retain ownership of all of their property.
A lawyer will determine the method their client qualifies for and explain the benefits and risks of each. After hiring a Bankruptcy Lawyer St. Charles MO residents will no longer experience wage garnishments and collection calls. Any foreclosures, repossessions or utility company actions will also be put on hold. A free consultation with Van Dillen & Flood P.C. is available for anyone who is ready to make a fresh start. Contact them today to schedule an appointment.