Many people these days are dealing with more debt than they can handle. Whether it be medical bills, loans or credit card debt, creditors can cause you tremendous amounts of stress. These creditors will call you and send threatening letters. They will threaten to garnish your wages and they have the right to take you to court. This is why it is important you do not ignore the calls and letters you receive from creditors. Instead, you need to make sure you contact them and work to make arrangements. If you are not successful in making arrangements, you may want to consider working with a Bankruptcy Attorney St. Charles MO, so you can learn about your options for filing for bankruptcy.
If you decide bankruptcy is the best option for your needs, you will have two choices. Your Bankruptcy Attorney St. Charles MO will be able to go over both of these choices, to help you make the right decision. The first option you have, is chapter 7 bankruptcy. This option allows you to pay down your debt in as little as six months. You are required to submit any non-essential property and assets to be sold. These will be sold so your debts can be paid down. The trustee that oversees your case will pay down the debts and can absolve some of them, so you can be free of debt.
You also have the right to file for chapter 13 bankruptcy. In this type, you are not required to sell any of your personal belongings or assets. Instead, you pay a monthly payment through the court each month. This payment is based on your monthly income and dispersed among the creditors you owe. The period of your bankruptcy will last between two and five years, depending on the amount of debt you owe.
If you are in need of a Bankruptcy Attorney St. Charles MO, contact the Law Offices of Steven K. Brown St. Charles MO. They will meet with you, to go over your debts and see which type of bankruptcy will best benefit your financial needs. Contact them today for more information.
