Contact a Bankruptcy Law Firm in St. Louis, MO When Bills Are Overwhelming

by | Apr 22, 2016 | Lawyer

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There are two different types of bankruptcies an individual may qualify for if they are unable to meet their financial obligations. Obtaining a fresh start to a struggling financial situation is what a bankruptcy law firm in St. Louis, MO can offer someone. Bankruptcy can usually stop garnishments, harassing collection calls, foreclosure on a home, or repossession of an automobile. Individuals that have gone through a divorce may benefit by filing bankruptcy. Often couples have excess debt that neither one wants to pay. The end result of non-payment is falling credit scores and harassing telephone calls. chapter 7 and 13 bankruptcies are common for individual’s to use.

Chapter 7 can wipe out almost all of someone’s debts and allows them to keep a limited amount of their property. This type of bankruptcy is ideal for someone that has little or no income to pay off their debt. Individuals with medical bills, credit cards and other unsecured debts can largely benefit from this type of bankruptcy. If the individual is behind on the payments for a home or a car, this type of bankruptcy may not be the best choice, and they should consider chapter 13 bankruptcy. Chapter 7 bankruptcy can offer faster debt relief because there’s no payment plan. The downside of chapter 7 is the debt relief is more limited.

Chapter 13 bankruptcy can offer debt relief to someone with a steady form of income but cannot pay their debt. If someone’s income is average or below average, this type of bankruptcy may be helpful. Chapter 13 can stop a car from repossession and a home from foreclosure. Mortgage payments can take up to 48 months to make up that ones that have been missed. Chapter 13 establishes a repayment program with the creditors based on monthly payments.

A bankruptcy law firm in St. Louis, MO can help anyone make a decision as to their financial future. Don’t let overwhelming debt control your life any longer when chapter 7 or chapter 13 bankruptcy can offer the relief you need. For more information, please feel free to visit

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