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Chapter 7
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Chapter 13
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Bankruptcy Attorney in St Louis
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General
Chapter 7 vs. Chapter 13
Castle Law Office offers legal services for those in the St. Louis, Missouri and Southern Illinois area that are suffering financially and are considering filing for bankruptcy. With the economy in its current state, hundreds of thousands of Americans are feeling financial strain. The sub-prime crisis has caused thousands to default on their home loans, while high energy prices have affected everything from food prices to the cost of the daily commute. Many St. Louis, Missouri and Illinois area residents are facing a future that is financially bleak. If you or a loved one is considering filing for bankruptcy, contact Castle Law Office for a free legal and financial consultation today. We serve citizens on both sides of the Mississippi River, and can help you get your life back on track whether you live in Missouri or Illinois.
Life is profoundly uncertain, and for millions of Americans all it takes is one event to put them into an untenable financial situation. A car accident, an illness, a layoff or firing, or simply bad luck with investments can push any of us to bankruptcy.
The conventional social narrative is that bankruptcy is somehow the worst thing that a person can go through. That somehow it reflects poorly on the person who finds that he has to file. At Castle Law Office, we know better. Bankruptcy is not something to be ashamed of. Rather, it is a sign that you are taking practical steps to get back on your feet.
Most individuals who file for bankruptcy have two options when they file. The options are named for the “chapters” of bankruptcy laws that they fall under. So when you file for “Chapter 7” bankruptcy, it is quite literally that.
Chapter 7
Chapter 7 is what is known as a liquidation. This sort of bankruptcy gives you a fresh start by discharging your unsecured debts. This means things like medical bills or credit card bills (although recent laws have made it tougher for individuals to file chapter 7 over credit card bills.) You can also keep some exempt properties, although mortgage loans and car loans will stay active. If you have any assets that are not exempt, then a trustee will sell them and give the proceeds to the creditors. Bear in mind that only the unsecured debts will be discharged. Some of the debts that usually aren’t eligible for discharge are student loans, child support, some federal taxes, or spousal support.
This bankruptcy report will remain on your report for ten years, and that might bring with it some difficulties, but ultimately creditors look at an incredibly high amount of debt in almost the same way that they look at bankruptcy. The aftermath of a chapter 7 allows you to truly re-establish yourself financially, to re-establish your credit, and to avoid the situations that left you in such financial difficulty in the first place.
Chapter 13
Chapter 13 is what is known as a re-organization. This is a way for you to handle your situation without losing your home or car or other properties. Bear in mind that this is not a “get out of debt free” card in that you still have to pay off your creditors, but at the very least you won’t lose your home. This is a suitable option for those who are financially in over their heads, but will be able to earn a median income over the period of the bankruptcy deal. But in order to properly live up to a Chapter 13, you have to set up a payment plan that will last from three to five years, and sometimes this means that you have to be willing and able to provide all of your disposable income towards paying off of your debt. This means no vacations, no trips to the spa, no splurging on yourself.
Again, this stays on your credit report for ten years, but this is the sort of bankruptcy that you should consider if you are in danger of losing your home but are not in any danger of losing a source of income in the foreseeable future.
These are only the broadest definitions of bankruptcy protection for individuals, and each individual case is different. A free consultation with the attorneys at Castle Law Office can help paint a clearer picture of the course of action that you should take. We have provided bankruptcy assistance for over 20,000 families in the entire St. Louis area, including St. Louis County, St. Charles County, Jefferson County, Franklin County, Boon County, Warren County and Lincoln County, as well as in the Illinois areas of Belleville, Alton, East St. Louis, Fairview Heights, Granite City and O'Fallon. If you or a loved one are considering filing for bankruptcy, contact Castle Law Office for a free legal consultation today.
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News
- Federal Bailout to Include Credit Card, Loan Companies...
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- Crisis Now Trickles Down To Credit Cards...
- St. Louis sports teams brace for economic downturn...
- Foreclosure Proves Challenge For Government...
- Personal bankruptcies on the rise...
- Bankruptcy Filings Approach All-Time High...
- Credit cards, credit crunch: consumers feel pinch as issuers `go on the defense'...