No one wants to deal with debt, but the reality is everyone eventually will. Though debt is a fact of life, it can become complicated by unexpected issues such as the loss of a job or an illness or injury. When people become embroiled in debt, they do not know what to do to get help. Ignoring creditors can be a disaster, but they are often unwilling to help work out arrangements. To get the help a person needs, debtors should contact a bankruptcy lawyer in St. Charles, MO. With the assistance of a lawyer, a person can better understand their rights and reach their goals of being debt free.
The first step in getting help from a bankruptcy lawyer in St. Charles, MO is to gather one’s financial records and income information. A lawyer will need information on the person’s finances to help make a call on which type of bankruptcy will be the most beneficial. If a person brings in this information and information on the assets they own, this will give the lawyer the information that is needed to provide a fully helpful service.
There are a couple of main options an individual in debt can seek in the United States. People who have secured debts like mortgages and car notes will find pursuing chapter 13 may be a better option. When applying for this bankruptcy, an automatic stay is put in place that prevents creditors from further pursuing any collections from the debtor. This bankruptcy can help to prevent a foreclosure and repossession from occurring.
A debtor also has the option of filing for chapter 7. This is a much faster option but may require a person to submit some of their non-essential property for auction to pay off the debts they owe. Most people can be forgiven for much of their debts if they do not own property. Generally, most people are able to fully settle their debts in around six months.
Those who are in need of a bankruptcy lawyer in St. Charles, MO should contact Van Dillen & Flood P.C. They can help people who are in over their heads with debt so they can find financial freedom as soon as possible.