Missouri Illinois Bankruptcy Attorney Foreclosure Reposession of Car

How We Can Help you

Bankruptcy Blog

Library

You Aren't Bulletproof After Bankruptcy

The Castle Law Office is a St. Louis based bankruptcy law firm that provides legal assistance for those who are experiencing irreconcilable financial difficulties. We specialize in helping citizens in and around St. Louis (including Illinois) get through the bankruptcy process in ways that are the most favorable to them. We have helped thousands successfully file for Chapter 7 and Chapter 13 while still being able to keep many of their assets. If you or a loved one in the greater St. Louis area is considering filing for bankruptcy, contact the Castle Law Office for a free legal and financial consultation today.

Chapter 7 bankruptcy is truly an example of how forgiving the law can be. It is a built in realization right on our law books that life is uncertain and that things happen to each of us that are beyond our control. For instance, nobody plans on getting sick. Nobody plans on getting into a car accident. Nobody plans on losing their job. Yet all of these things happen to Americans every day, and all of these things can cause financial ruin.

Chapter 7 bankruptcy allows you to get rid of the majority of your debt and start over. This means no more garnishment of your wages, no more harassing phone calls and no more bills in the mail six days a week. You can live your life without the fear of losing your house or having your car repossessed. The ability for indebted American citizens to declare bankruptcy is truly an amazing thing.

It does not, however, absolve you of debt forever.

If you file for bankruptcy, then that only liquidates non-secured debt that you have accrued only up until the point where you filed. Any penny worth of debt that you gain after filing is still perfectly valid. So if you are planning on filing for bankruptcy, there are two important things that you should consider. The first is timing, and the second is responsibility.

The timing of your bankruptcy filing is very important. If you are in debt way over your head and know that there is no way for you to ever successfully pay it off, you should take a moment and consider your situation. The most important question that you should ask yourself is this: “Is this the end of the debt, or is there more on the way?”

For instance, if you happen to be in the middle of a complicated medical procedure, then that would not be the smartest time to declare bankruptcy. You should gut out the calls and the collection agencies as best you can until you are sure that the bills and invoices are at an end. Declaring bankruptcy in the middle of the process will only take care of the debt that you have accrued up until the point where you filed. That might alleviate the problem somewhat, but you would still have to deal with all the debt that will occur afterwards. The best time to declare bankruptcy is when the debts have reached their very apex.

Please bear in mind that this does not mean that you should run out and make a bunch of frivolous purchases if you know that you will filing soon. A bankruptcy filing is a legal process, handled and approved by a judge, and if you show blatant irresponsibility in your spending habits, it might affect how the judge views your case.

And while we are on the subject of responsibility, once your filing for Chapter 7 is approved and your previously accrued debts are absolved, you will have this on your credit report for seven to ten years. If you declare Chapter 7 bankruptcy, you will have to rethink everything about the way that you live.

You will be living a life that is essentially credit free. This means that you should figure out how to live a life that is based on cash and budget and not buy now and pay later. This is not to say that your bankruptcy was caused by irresponsibility, as a great many bankruptcies are caused by illnesses, accidents and other unforeseen circumstances. But when you think about how much of your life is governed by credit transactions, getting back to a budget may be something that you will have to get used to.

At the Castle Law Group, we help St. Louis citizens get through the entire bankruptcy process. This means helping them figure out when the best time to file, helping them keep as many of their assets as possible, and helping them adjust to life after bankruptcy. If you are struggling under the weight of debt in the St. Louis area and don’t see any way out, we might be able to help you. Contact the Castle Law Office for a free legal and financial consultation today.

Got A Question?

News

FAQs