When someone suffers from a lot of debt, they may wonder what their options are in getting caught up if their paycheck does not make a dent in the amount they owe. If there appears to be no way to pay large sums owed, hiring a Bankruptcy Attorney St. Charles MO may be the solution to the problem. While this is not the optimal method in removing debt, it may give the person a renewed outlook as they will no longer be responsible for larger sums owed.
Deciding what course of action to take when filing for bankruptcy is best left to an attorney. They would weigh the options and would know what type would be best so the person can keep some of their assets in the process. Chapter 7 or 13 bankruptcy procedures are the two types used most by individuals.
Chapter 7 bankruptcy is usually used by someone who does not owe assets such as a home or car. This type will pay off medical bills, creditors, and loans. Personal effects are sold to pay off some of these bills, which is why it is used by people without a lot of collateral. Chapter 13 bankruptcy is used by those with assets. The person would be able to keep their belongings but would need to pay back creditors using a payment plan. The debt will not be eliminated as it is in a Chapter 7 procedure.
Seeing an attorney is the best way to determine how to pay off debt without losing belongings in the process. They will walk the person through the procedures needed to file for bankruptcy and will be there with them when they see a judge in court to determine whether bankruptcy is awarded.
If someone wishes to start the process in filing for bankruptcy, they will want to hire a great Bankruptcy Attorney St. Charles MO. Calling a reputable lawyer in the area is the first step in financial freedom. Give a call to Van Dillen & Flood P.C. to find out more about the process. An appointment with this Bankruptcy Attorney St. Charles MO can be made to discuss specifics if desired.
