Financial problems can be distressing, but there is help available. Filing bankruptcy can bring relief from debt collection efforts and creditor phone calls. It allows the debtor to restructure their debt and begin building a brighter future. Bankruptcy is a legal process, and it is never a good idea to go through any legal process blindly. Not hiring a competent bankruptcy lawyer to offer the necessary advice and support may just add to the fear and anxiety the applicant may already be feeling. Thus, when it is time to File Bankruptcy St. Charles MO, consider hiring a proficient lawyer to ensure the entire process flows smoothly. An experienced bankruptcy attorney at the Law Offices of Steven K. Brown has an in-depth knowledge of both the federal and state bankruptcy law. They can ensure that the rights of the applicant are well protected throughout the entire process. Here are some important details to know before choosing to File Bankruptcy St. Charles MO.
Consider Other Alternatives
Bankruptcy is not for everyone. In fact, many unnecessary bankruptcies are filed every year. Before considering bankruptcy, it is important to examine the current financial situation and determine whether there are other viable options. One may find that they do not need to file bankruptcy since it is possible to fix the financial woes with a few changes.
Ensure that Pensions Plans are Safe
Most life insurance policies and pension plans are protected by state laws in a bankruptcy proceeding. Before filing for bankruptcy, it is imperative to determine whether life insurance policies and or pension plans will continue to be protected.
Figure out What Bankruptcy Options are Available
The two major forms of bankruptcy are Chapter 7 and Chapter 13 bankruptcies. A Chapter 7 bankruptcy can wipe out many of the debts in 3 to 6 months. However, the applicant may lose their personal properties. In Chapter 13 bankruptcy, the applicant will be required to create a repayment plan based on their income, showing how they will repay their debts in the next three to five years.
These are just some of the critical factors to take into account when deciding whether to File Bankruptcy in St. Charles MO. For more information about the bankruptcy process, and the importance of hiring a bankruptcy lawyer.