While bankruptcy can be a helpful legal maneuver if you’re dealing with financial issues, it’s seldom something that people are excited about. However, if you’re considering bankruptcy, regardless of how you feel about it, you’ll first want to speak with an attorney. There are many reasons why you should secure legal representation, but perhaps one of the most important reasons to consult with a bankruptcy attorney is to determine what bankruptcy you should file for. If your finances are extremely limited, you may want to consider chapter 7. However, if you meet a particular income threshold, your attorney may recommend you file for Chapter 13 Bankruptcy in St. Charles, MO.
What many people fail to realize is that there are some significant differences between a standard chapter 7 bankruptcy and a chapter 13 bankruptcy. For people without a great deal of money, chapter 7 is the best option because it eliminates a great majority of the debt that person may have incurred without having to make significant repayments. Chapter 13 Bankruptcy in St. Charles, MO, on the other hand, is basically a repayment plan that is made legally binding by the courts.
As such, the repayment agreement that you make with your creditors is going to be central in a successful chapter 13 bankruptcy. Typically, you will pay some if not all of the debt you currently owe to your creditors in a span of anywhere from 3 to 5 years. Many times, your attorney can negotiate with your creditors so that you can repay a reduced amount rather than paying the entire balance. This is another benefit to having an attorney working for you, as they can negotiate quite well with your creditors where you may have not been able to get the creditors to budge on the amount of money you owe them.
Not only are the negotiations with the creditors important, but it’s also important to ensure that your repayment plan is financially affordable for you. With the importance of creating an affordable repayment plan and negotiating with creditors, it’s no surprise that people turn to the law firm of Van Dillen & Flood P.C. St. Charles, MO.
If you’re dealing with Chapter 13 Bankruptcy in St. Charles, MO, you’ll need attorneys that can handle these types of legal proceedings. Whether you know you need to file for bankruptcy or you’re simply looking at your options, this is a good law firm to consult with. Visit Website.com for more details.
