Bankruptcy is a very serious decision for anyone. Filing for bankruptcy should only be an option if there is absolutely no other choice. There are options for credit consolidation, debt management, and even refinancing. If none of these options are available then it’t time to talk to a lawyer and get help to file Chapter 7 in St. Charles MO. There are specific steps that need to be taken in order to assure the fastest process possible. Making a single mistake on any of the paperwork could delay the filing process or even force the applicant to begin the process over. When it comes time to file Chapter 7 in St. Charles MO the first, and most important thing to do, is to contact a bankruptcy lawyer.
When filing Chapter 7 in St. Charles MO it’s important to know what is expected. Chapter 7 bankruptcy is a sort of liquidation of debt. The debtor is cleared of most or all of their debt, but some property will be sold by the trustee. The profit of the sale of this property goes towards paying some of the debt which is owed to creditors. Some kinds of property are exempt from liquidation, and is protected by law. Most people are able to keep their car, home, and retirement plan when filing for bankruptcy. Not every case is the same so it’s important to follow the advice of a lawyer during the filing process.
The first step in filing bankruptcy is to take the means test. This will determine if the debtor is eligible to file. The next step is to attend a credit counseling course. The debtor is required to submit a certificate of completion as part of the initial paperwork. Thankfully the cost of filing bankruptcy is not unreasonable. It costs less than four hundred dollars to file, unless the lawyer charges fees on top of the administration fees. The process can take several weeks to complete, but usually only requires on trip to the court house. With help from a lawyer, such as Van Dillen and Flood P.C. St. Charles MO, the debtor can enjoy a stay of legal action, and get on the path to recovery from their debt. Browse website for more information.
