Debt doesn’t disappear over time and the longer you wait to deal with it, the harder it will be to resolve. For many people, a single medical condition or job loss can send debts spiraling out of control. Since the recession, people have found it difficult to build an emergency fund that would cover a lot of unexpected expenses and help out when a furnace breaks down beyond repair or the primary wage earner in the home gets laid off. If you’ve been living paycheck-to-paycheck, it won’t be easy to survive a financial emergency.
Bankruptcy laws are set up to help people in these kinds of situations. When unemployment lasts longer than expected and the family is facing homelessness because you can meet their basic needs as well as keep up on your debts, it’s time to talk to a bankruptcy lawyer in St. Charles, MO to handle these matters properly. In order to get protection from bankruptcy courts, you have to file the necessary documents and respond to requests for information within the prescribed time frames. Expect a lawyer who focuses on bankruptcy to keep up with all the deadlines in your case.
Bankruptcy lawyers in St. Charles, MO who residents turn to for help with their debt may recommend one type of bankruptcy over another. Homeowners who merely need to reorganize their debts to make them easier to pay might find chapter 13 bankruptcy protection more advantageous. However, those who are unemployed with few tangible assets may get more of a benefit from chapter 7 bankruptcy. Contact an attorney such as Van Dillen & Flood P.C. as soon as possible to find out the best way to address your debt situation.
Resolving your debts through bankruptcy can help you move on with your life quickly. You won’t have to pay back any of the balances that are discharged. You can also avoid the tax obligation that often goes along with debt settlement agreements made directly with creditors. By hiring a bankruptcy lawyer in St. Charles, MO, residents who are deep in debt can ensure the case is handled carefully and all of their eligible debts are discharged.
