Debt collectors are calling daily and demanding payments. Notices are being left stating the person is facing foreclosure or repossession. The person has received a notice stating their wages can be garnished if a bill isn’t paid in full immediately. All of these can be daunting and lead to quite a bit of stress. Although the person may have tried everything they can think of to catch up, they may be starting to consider filing for Bankruptcy St. Charles MO.
The first thing they’re going to need to do is determine which chapter is going to apply to their situation. The person may be eligible to file under Chapter 7 if they do not own a business and they make less than the median income for their county. If they make more than this amount, they may need to file Chapter 13 instead. If they own a business, there may be other options available to them. Typically, in Chapter 7 all non-essential assets are sold to repay the debts while in Chapter 13 the debts are restructured into a single monthly payment.
The person will also need to know how to determine which debts will apply for the chapter they file under. In most cases, student loans, back taxes, and child support cannot be included in a bankruptcy. There are exceptions to these and there may be other debts that will not be allowed when they file. It’s important to work with a lawyer to determine what can be claimed in the bankruptcy and what chapter is going to be the right one. Failing to do this could mean their bankruptcy is denied and they may lose their car or home.
Anyone who is considering filing for Bankruptcy in St. Charles MO should take the time to have a consultation with a lawyer. The lawyer can help them determine which chapter is going to be right for them based on their financial situation, the debts owed, and whether they own a business.
To contact a bankruptcy lawyer for a consultation, they can contact the Law Offices of Steven K. Brown by visiting today. This way, they can get the help they need to ensure the bankruptcy is successful.
