Everyone experiences financial difficulties at some point. For many, these times may be the fleeting result of a temporary job loss or simply overspending at Christmas time; in other cases, bills tend to mount with no end to the struggle in sight. When this level of turmoil is at hand, bankruptcy may be the only solution. The question of which form of Debt Relief in St. Charles MO to pursue is often best left to an attorney. Seeking legal counsel in a matter such as this can save a great deal of expense and heartache in the long run.
The Law Offices of Steven K. Brown focus on business and consumer debt resolution and can help determine which course of action may be best in a specific situation. In a true emergency, Chapter 7 may be the best solution. Though it lingers on the filer’s credit history for up to a decade, the process is faster than with other bankruptcies. This scenario allows debtors to hold onto their income and a number of their possessions. Though credit cards will be out of the question for some time, business owners and individuals alike often find more can be gained than lost with this option.
Chapter 13 is more of a restructuring process than a debt elimination. Whether hoping to pay off certain debts, wipe the slate clean or simply be given a little extra time to catch up on some of the more pressing financial matters, those eligible may gain up to five years in which to accomplish their goals. Foreclosures and repossessions can be stopped whereas taxes owed and student loans may be reduced to more affordable monthly payments than before.
Chapter 11 bankruptcy is similar to Chapter 13, but the eligibility limits are higher. This alternative is reserved for small business owners who hope to keep their businesses open and remain in charge of pertinent decisions regarding the company they created. It typically prevents businesses that have fallen on hard times from having to close their doors as long as the terms of the bankruptcy are followed.
Debt Relief in St. Charles MO takes on many forms and doesn’t necessarily mean the filer will lose everything he or she has worked hard to gain. Because of the varying debt and earning limits involved, gaining legal representation is advised before proceeding. To learn more or schedule a consultation, browse the website.
