What is Bankruptcy?
Bankruptcy is a legal proceeding in which a person who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Filing bankruptcy IMMEDIATELY stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out according to the law.
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
Most individuals filing bankruptcy will want to file under Chapter 7 or Chapter 13. Either type of case may be filed individually or by a married couple filing jointly. Your spouse is not required to file, but may want to if her or she cosigned any of your debts. We are a local Saint Louis firm who have helped hundreds of people get a fresh financial start.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy protection is known as "straight" bankruptcy or "liquidation." It allows debtors to get rid of most of their debts and start over with a clean slate. A St. Louis Chapter 7 Bankruptcy provides discharge of debts like credit card debts, medical bills, payday loans, and past due bills. However, a Missouri Chapter 7 requires a debtor to give up property which exceeds certain limits called "exemptions" which is then sold to pay creditors. Most of the time, you will not lose any of your property. You must be eligible to file for bankruptcy, and the rules vary depending on the type of case you want to file. A Chapter 7 in St. Louis does not discharge other debts such as alimony, child support, some taxes, and debts ordered to be paid as part of a divorce. Consult a local attorney for details.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is called "debt adjustment" or "wage earner's plan". It enables individuals with regular income to develop a plan to repay all or part of their debts. A Chapter 13 can help individuals get current on past due mortgage payments and tax debt. In a Missouri Chapter 13 Bankruptcy, debtors propose a repayment plan to make installments to creditors over three to five years. You decide your monthly payment based on your budget and debts. During the course of the case, individuals get relief from harassing creditors and protection against foreclosure and repossession. We help people file Chapter 13 in St. Louis, Florissant, Clayton, and surrounding areas.