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Things to Consider About Bankruptcy

Those of you In the St. Louis area who suffering under the weight of immense debt might have the option of filing for bankruptcy. For decades, the Castle Law Office has provided legal help for those who are going through the bankruptcy process. We have assisted thousands of citizens in and around St. Louis successfully file for Chapter 7 and Chapter 13. If you or a loved one are dealing with significant debt and don’t see a way out, contact the Castle Law Office for a free financial and legal consultation today.

The difference between nightmares and being in debt is that nightmares eventually end. Owing money can be an ordeal that lasts twenty four hours a day. You go through it when you receive your paycheck and see that your wages have been garnished. You go through it when you come home and find a never ending stream of bills in your mail. You go through it when you get up to go to work and find that your car has been repossessed. You go through it when the bill collectors call morning, noon and night.

This situation can be even worse when you find yourself in a financial hole due to no fault of your own. If you or a loved one gets injured or becomes ill or if you find yourself unemployed, it is very easy for your financial situation to become dire. Debts have a way of piling up faster than they can possibly be paid off, especially if you have been using a credit card or have a great deal of medical bills.

If it truly seems like there is no way out, and if it seems like the debts are more than you could ever possibly repay, filing for either Chapter 7 or Chapter 13 bankruptcy is an option that you should seriously consider. But bear in mind that the bankruptcy process requires a lot of preparation and a lot of paperwork. It isn’t the sort of thing that you can just have done overnight.

There are a few things that you should have handled before you begin the bankruptcy process. Not taking care of these basic steps will make the filing process more difficult and extend the process for much longer than it has to be.

Take Stock of Your Finances: Get a thorough list of your debts, expenses and income. Figure out what caused your debts in the first place and take steps to make sure that it won’t happen again.

Examine Your Credit Report: Debts don’t go away just because you haven’t heard from those particular bill collectors in awhile. This is not the case at all. Examining a full list of all of your debts might bring a few things back into your memory, and you might also discover that there are some charges on there that you know nothing about. But the most important reason for going over your credit report is that when you file for bankruptcy, you must include every single debt that you owe. Leaving something out will force you to redo the whole process all over again.

Take a Credit Counseling Course: Part of the bankruptcy requirements is to successfully complete a credit counseling course with a counseling agency that is approved by the government. Make sure that it is a real counseling agency and not a fly-by-night operation. According to the law, you can take this course up to six months prior to actually filing for bankruptcy. This is not the sort of thing that should be put off until the last minute. Filing for bankruptcy is a very exact process, so it’s never a good idea to put things off.

Hire an Attorney: The bankruptcy laws have become so complex that if you file by yourself without any assistance it is almost a guarantee that something will go wrong. Consulting with an attorney can bring some surprising facts to light. You might find that bankruptcy is not the best option for you, or you might find that you qualify for a different form of bankruptcy than what you thought.

Consider the Timing: Are you considering filing for bankruptcy because you are being inundated with medical bills? If so, you shouldn’t file until you are fully healed. Filing for bankruptcy only takes care of debts that you accrued prior to your filing. If you file for bankruptcy in the midst of a complicated medical procedure, you will still have to pay any debts that come up after the filing.

If you or a loved one is considering filing for bankruptcy in the St. Louis area, contact the Castle Law Office for a free legal and financial consultation today.

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