Real Solutions to Serious Financial Problems
If you are being harassed by collection agents or are living in fear of creditors, federal law provides bankruptcy protection that could greatly improve your quality of life. Chapter 7 bankruptcy is meant for individuals and small businesses that do not have enough assets and income to pay off their debts.
Call us at 314-644-0303 or toll free at 866-394-1151 for a free bankruptcy consultation. Our attorneys can advise you on whether you qualify for Chapter 7.
Why Chapter 7?
Most Clients are eligible for Chapter 7 bankruptcy based on factors such as the amount and type of debt they have, as well as their income. If you qualify, the benefits of Chapter 7 can be tremendous: included debts are discharged, payments cease, and creditors and collectors are forbidden to call you — a clean slate.
Your meeting with our attorneys will determine if you have assets or income that could be used to pay creditors. In most cases, our clients do not. However, if you do, you are still in control. Most clients seeking to file Chapter 7 usually have assets with values significantly lower than the amount of the debt they seek to discharge. A client in this situation would work with our Attorneys to determine the best strategy before filing the case.
Chapter 7 will be on your credit report for up to 10 years. However, negative information on credit reports remains for up to 7 years after the last late payment was made. So if you are struggling each month and making late payments, every late payment extends the 7 year time frame. A Chapter 7 Discharge order will show that your balances are wiped away and you are more credit worthy. Because of this, many clients will have a higher credit score a year after filing bankruptcy than before they filed.
Numerous types of debt can be included in a Chapter 7 filing, though, generally speaking, child support, student loans, and recently incurred tax debt are not among them. Debts that can be discharged under Chapter 7 include:
- Credit card debt
- Hospital bills and other medical debt
- Personal loans
- Payday loans
- Secured loans on cars, trucks, boats, RVs, etc. if you don't plan to keep them
- Mortgage debt on a property that the filer does not plan to keep
- Judgments for some debts
- Tax debt in certain cases
Talk to an Experienced St. Louis Chapter 7 Bankruptcy Attorney
Contact us for help with your situation. If you decide that bankruptcy is appropriate for you, our experienced lawyers can help you file Chapter 7 in St. Louis City, County or elsewhere in Missouri.