There are three major categories of law to be considered if you are thinking about getting assistance from a bankruptcy lawyer. The overall bankruptcy laws contain sections that go by the names Chapter 7, Chapter 11, and Chapter 13. The first of these and the last are the two most likely to be in play for individuals who need assistance with financial problems.
7 and 13
Chapter 7 is sometimes referred to as liquidation while Chapter 13 is sometimes referred to as consolidation. In Chapter 13, a payment plan is set up to allow you to pay off debt, generally for a small percentage of the total, such as pennies on the dollar. With Chapter 7, the individual essentially gets a fresh start as debts are discharged completely.
However, when you work with a bankruptcy lawyer in St. Louis, MO, he or she will explain to you that some types of debt cannot be discharged. These include alimony, child support, and a few other specific types. When you work with a legal professional such as those at Website.com, you can stop (at least temporarily) issues such as wage garnishment, home foreclosure, property repossession, and creditor harassment.
Be Sure
If you are in a situation that may require the assistance of a bankruptcy lawyer, your first step should be to contact a local legal professional to schedule a free consultation. During this discussion, the attorney will consider your status to determine if bankruptcy is the correct choice for you.
You may be able to get a debt-free start at some point and eliminate much of the stress you have been living with for a long time. If the counselor determines that you qualify for Chapter 7 protection, most of your debt will be discharged and you will be able to keep much of your personal property. Click here for more details about the bankruptcy lawyer in St. Louis, MO.
