What Do You Need to Know About Chapter 13 in St. Charles MO?

Debt is becoming more and more common these days, as people are struggling to make ends meet. If you are having trouble dealing with all of the debts you owe, there is help available. A lawyer can give you information about Chapter 13 St. Charles MO. This will allow you to be free of your debts and secure a better financial strategy, so your future will be less stressful. Click here for more information.

Chapter 13 St. Charles Missouri MO is a type of bankruptcy that allows you to be freed from the debts you owe. This type of bankruptcy requires you list all of the debts you owe. No matter how large or small your debts are, they need to be listed in your bankruptcy decree. Those debts that are not listed will still be your responsibility to pay in full. The creditors you owe can pursue you for these debts and even take you to court or garnish your wages.

Unlike chapter 7 bankruptcy, you do not have to surrender any of your property to be sold. You simply provide your lawyer with information on all of the debts you owe, your monthly income and the assets you own. A repayment plan will be put into place, but will need the judge’s approval. The repayment plan will be based on your monthly income. This amount will be distributed among all of the creditors listed in your bankruptcy, so they can be paid down during your bankruptcy period.

Chapter 13 St. Charles MO can last between two and five years, depending on the amount of debt you owe and your income. It is imperative you make your payments on time to the court each month. If you fail to make your payments, you could have your bankruptcy defaulted on. This would mean you owe all of the debts at once.

If you feel like you are drowning in debt, make sure you get help through a lawyer. There is no reason for you to continue struggling with your debt, when you have the right to file for bankruptcy. Contact the Law Offices of Steven K. Brown St. Charles MO and schedule an appointment right away.

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