It’s easy to get into debt but, without sufficient income, it can be hard to get out. Some people struggle for years to pay off high-balance credit card accounts and medical bills. Others use the legal system to get rid of overwhelming debts, so they can live a happy and prosperous life. Unfortunately, myths and rumors about bankruptcy prevent far too many people of taking advantage of this method for reducing debt.
Whether a person uses Chapter 7 to eliminate all of their unsecured debts or Chapter 13 to make it easier to pay all of their bills, an experienced Bankruptcy Lawyer in Jefferson County MO might help. Of course, bankruptcy doesn’t exist so people can haphazardly accumulate a lot of debt and then wipe it away because they don’t want to pay it. In fact, when people file for Chapter 7 bankruptcy, they may have to sell their personal property to repay creditors. On the other hand, the people who really need this type of help won’t have a problem paying what they can toward their debts in order to eliminate them completely.
Some people who have accumulated an excessive amount of debt also own property they would like to keep. Chapter 13 might be the best option for those people. A Bankruptcy Lawyer in Jefferson County MO could help a client decide which option is ideal for their personal situation. This type of bankruptcy helps by restructuring debt and reducing monthly payments, so they are affordable. An individual or married couple on a Chapter 13 repayment plan will not have to pay more than they can afford toward their debts every month, and they’ll be able to keep their property as long as they follow the terms of their agreement.
No one should have to endure overwhelming debt. Schedule an appointment to talk to an experienced attorney and to determine how to resolve the debt problem. In some cases, bankruptcy isn’t the answer at all. An attorney, with the assistance of a credit counselor, may help a client make the best decisions for their financial future, so they don’t experience a similar situation again.
