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Reasons to Consider Filing Chapter 13 in St. Louis, MO

There are many reasons why people find themselves in debt. They may have experienced an illness that caused them to miss time from work and get behind on bills. They may have gone through a divorce which caused problems in their finances because they no longer have their ex-spouse’s income. A job loss or move may have caused their income to decrease. People who have debt that they may never be able to repay should consider filing chapter 13 in St. Louis, MO. Scheduling an appointment at a reputable bankruptcy and law firm is the first step people should take to establish a plan for their future.

Researching online or reading books about bankruptcy can help people get an idea of what is involved with filing bankruptcy. However, people should visit an established bankruptcy and law firm to get help determining whether or not filing chapter 13 in St. Louis, MO will work for their situation. Visiting can allow people to learn how filing for bankruptcy soon can help them stop struggling with debt. It may feel embarrassing to have to talk to someone about personal situations that contributed to getting into a bad financial situation. However, taking this step is necessary when it comes to getting honest advice about the next steps they should take.

Filing bankruptcy is a good option for people who have a regular income to end up with a realistic plan to repay part or all of their debt. A plan to repay their debts in installments is made, covering a time period of three to five years. Creditors aren’t able to start or continue efforts to collect the money they are owed. This can be a relief to those who are being harassed with telephone calls or letters from aggressive creditors. This type of bankruptcy filing can help those who are facing foreclosure since foreclosure proceedings may be stopped.

It is important to note that all payments that come due after chapter it is filed must be paid on time. All plan payments are made to a trustee who is responsible for doling the money out to creditors. People are not required to have any contact with creditors, which can help reduce their stress. Filing bankruptcy can be the right step for many people in debt to take.

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