If you have fallen behind on some of your bills and you aren’t quite sure what you are going to do, you may consider filing a bankruptcy. Of course, before you make any serious decisions, you will want to sit down with a Chapter 13 Attorney St Louis. This way, you will be able to ask questions and receive the answers that will help you to make an informed decision about whether or not bankruptcy is the best solution.
If you decide to meet with a Chapter 13 Attorney St Louis at Hoff Law Center, he will explain to you that a Chapter 13 bankruptcy is basically where you will be able to keep your possessions. It’s not like a Chapter 7 bankruptcy where you walk away from everything. Instead, you keep your things and you basically consolidate all of your debt into one monthly payment.
However, this monthly payment is going to be more affordable than what you were paying on your own. For example, you would combine your auto loans, medical bills, past due utility bills, credit card payments, and everything else that you have on your plate. You will mail a check to the court on a monthly basis. They will distribute this money to your creditors. The reason that the amount of money that you will be paying is much less than what you were paying before is because you will only be paying your creditors a percentage of the amount that you owe. If for some reason you fall behind on your payments, your Chapter 13 Attorney St Louis will suggest that you file a Chapter 7 bankruptcy. This is where all of your debt will be wiped away once and for all.
Making the decision to file a bankruptcy isn’t something that should be taken lightly. Before you make any decisions, talk with your Chapter 13 Attorney St Louis to find out which kind of bankruptcy would be the best for you. Every situation is different. It’s important to remember that you don’t have to go through this on your own. Find the help that you need to get yourself out of debt once and for all.
