Bankruptcy is an honorable way to climb out from under a mountain of debt that you will never be able to pay off, and every month the mountain grows because interest is continually being added. Bankruptcy is authorized by Congress, and that means it is an acceptable debt elimination practice. In fact, politicians have have used bankruptcy to deal with debt, and many celebrities have as well. There is no reason for you to feel ashamed of filing. Browse website to know more.
The debt many people face came up when they lost their jobs in the Great Recession. There was barely enough unemployment compensation to buy food and clothes, and often there wasn’t enough money for housing. There certainly wasn’t enough money to pay the debt payments.
The initial consultation with a bankruptcy attorney is free. It won’t cost you anything to visit with the Bankruptcy Lawyer in St. Charles MO to get an idea of what you would need to do. Take all of your debts regardless of how small the amount to this first visit. Take your last paycheck or paychecks with you. Also, take a complete list of your assets which includes the money you have in a checking account. It also includes any valuable possessions which could be sold for a significant sum of money. For example, if you have an antique car worth $75,000 you will surely be forced to sell it to liquidate debts.
A trustee will be appointed to work with you in analyzing your assets and your debts as well as your income. A meeting of your creditors will be called, but usually none show up. Your attorney will, however, just in case one does appear. The trustee is largely responsible for the management of your bankruptcy filing, but your the Bankruptcy Lawyer in St. Charles MO is always involved and ready to step in if an issue warrants his involvement.
If you do not have enough income after living expenses are met to pay any amount on your debts, then they will be completely eliminated under a Chapter 7 Bankruptcy. However, if the trustee decides your income is sufficient to make partial payments for 3 years, then you be in Chapter 13 Bankruptcy. The Bankruptcy Lawyer in St. Charles MO will help you with this aspect. Bankruptcy will stop wage garnishments and the harassing phone calls. Check with Van Dillen and Flood.
