When to Hire a Bankruptcy Attorney in St. Charles, MO

Most people do not want to consider having to file for bankruptcy because they fear it will affect their financial future. The truth is, bankruptcy can be a viable solution for those who have more debt than they can pay. To find out if this solution will work for you, you need to contact a Bankruptcy Attorney in St. Charles MO. An attorney can help you to make important decisions for your financial needs so you can make the best choice.

There are two different options individuals and couples have for filing bankruptcy. The type you choose will be important, since each works in different ways. Chapter 7 is a type of bankruptcy that allows a person to settle their debt in as little as six months. To find out if you are a good candidate, you will need to meet with the Bankruptcy Attorney in St. Charles MO. It is important you bring in information on your bills, income and assets. The lawyer will also need to see if you can pass a mean’s test. You can browse website for more details.

The mean’s test measures your income against the average in your state. If your income does not rise above this amount, you will be eligible for filing Chapter 7. Once filed, any non-essential property you own may be sold to pay off your debts. If you have no eligible property, your debts may be absolved.

Another option is Chapter 13. In this type, there are no income requirements. You are required to pay a payment through the court each month. This payment covers all of your debts. It is important the payments are made each month so your debts can be paid in full during the bankruptcy period. This period typically lasts between two and five years, depending on how much debt you have.

If you are dealing with more debt than you can afford, you need to hire a Bankruptcy Attorney in St. Charles MO. An attorney can go over your needs and help you make a decision on which type of bankruptcy will be most beneficial. For more information, contact The Law Offices of Steven K. Brown.

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