No one likes the idea of being unable to pay his or her debts. Unfortunately, situations do arise that prevent people from honoring obligations that they entered into with the full intention of paying off according to the original terms. When those situations do occur, Bankruptcy St. Charles MO is a solution that is worth considering.
Consulting with an Attorney
Before making any decisions, it pays to arrange for a consultation with a bankruptcy attorney. The goal is to talk with the attorney about the present financial difficulties and find out if filing for Bankruptcy St. Charles MO is even a possibility. People are not always aware that they must meet certain qualifications in order to file for either type of personal bankruptcy protection. People who do not meet the current requirements for a Chapter 7 bankruptcy are more likely to be in a position to file for a Chapter 13 Bankruptcy St. Charles MO. The attorney will explain what is involved with each type, how they work, and what to expect in terms of the outcome once the court has approved the petition. Assuming that the client does meet the criteria for one or both types, the attorney can provide help in deciding which approach will produce the best possible results. This will also involve discussing what the court will require of the debtor in terms of attending classes, working with a court appointed trustee, and understanding what rights that creditors have in terms of participating in the bankruptcy process.
Moving Forward
Once a decision is made, it is important for the client to follow the mandates of the court to the letter. This includes full disclosure about all aspects of his or her financial situation. Any attempts to hide details from the court could mean the denial of bankruptcy protection, a situation that effectively returns the debtor to the tender mercies of his or her creditors.
For people who believe that bankruptcy may be the only practical way to deal with their financial situations, contact Van Dillen & Flood P.C. St. Charles MO today. After the initial consultation, it will be easier to decide if bankruptcy is an option, and which type would serve the client in the most efficient manner. Visit website for more details.
