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Archive: Oct 2014

  1. Three Questions about Chapter 13 Bankruptcy in St. Louis

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    Chapter 13 Bankruptcy in St. LouisIf you are worried about losing major assets such as your home or your car to an ever-increasing load of debt, bankruptcy may be an option. But there are several different types of personal bankruptcy, and it’s important to understand the basics of the process before you begin. When it comes to questions regarding Chapter 13 Bankruptcy in St. Louis, Teague & Associates, LLC can shed some light and provide help when you need it most.

    Chapter 13 Bankruptcy is primarily utilized by working people who want to prevent the process of losing a home or additional assets and involves a repayment plan. In fact, it is often referred to as “reorganization.” That’s very different from Chapter 7 Bankruptcy, or “straight bankruptcy,” which involves the sale of assets and the discharge of debt, often without repayment.

    While bankruptcy may be an option for you, consulting with a professional bankruptcy attorney and getting the facts up front is essential, so that you can make well-informed decisions. Here are answers to three common questions about Chapter 13 bankruptcy, offered by the lawyers at Teague & Associates, LLC.

    How Does Chapter 13 Bankruptcy Work?
    Chapter 13 bankruptcy does not eliminate your debts. Rather, a plan is created to repay all or part of your debt over 3 to 5 years. How much is repaid is determined by a number of factors, one of the most important of which is your income. A portion of some debt may be discharged in a Chapter 13 bankruptcy, though the details will be different for every case. Once the plan is set, it will be up to you to make the payments. But when the plan is completed, you should emerge with a more positive financial outlook.

    Who Is Eligible for Chapter 13 Bankruptcy?
    In order to make use of Chapter 13 bankruptcy, you must have a stable income that can sustain your living expenses, with enough left over to accommodate the repayment plan. The court is unlikely to grant a Chapter 13 bankruptcy to those whose income is too low to make payments, or who have only occasional work. In those cases, the court often favors Chapter 7 bankruptcy.

    Can I Keep My Possessions?
    Chapter 13 bankruptcy is designed to protect major assets. For example, it can be used to stop a foreclosure or to bring the payments on a loan current. But every case is different and much is left to the discretion of the court.

    To learn more about Chapter 13 Bankruptcy in St. Louis, contact the legal professionals at Teague & Associates, LLC at (314) 899-4499 for a consultation today.

     

  2. Stop Garnishment with a Bankruptcy Attorney in Chesterfield

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    Stop a Garnishment With a Bankruptcy Attorney in ChesterfieldIf you wages are being garnished, you certainly are not alone. New statistics released earlier this month show that roughly 1 in 10 Americans between the ages of 35 and 44 are having their paychecks plundered in order to pay off a debt. It is possible to Stop Garnishment with a Bankruptcy Attorney in Chesterfield, when working with an experienced attorney such as Teague & Associates, LLC who is highly experienced in this area.

    Of course, it’s all perfectly legal. Creditors can obtain a court order to have your employer withhold a portion of your wages and send it directly to them. In cases involving child support and alimony, no court order is needed. But you do have rights. And you do have some recourse. For starters, the amount withheld is limited by federal law; to 25 percent of your disposable income, or a formula tied to the minimum wage (whichever number is lower). Some states have laws in place that reduce that limit even further.

    Also, under federal law, you may not be fired or otherwise discriminated against if your wages are garnished. And certain income, such as Social Security payments and veterans’ benefits, cannot be garnished.An experienced legal professional can also help to improve your situation. Working with a lawyer, you can argue against a garnishment when a creditor tries to obtain an order from the court. You can also appeal to the court to have the amount reduced. If your debts are unmanageable, filing for Chapter 7 or Chapter 13 bankruptcy can also stop a garnishment.

    In most bankruptcy cases, an automatic stay is placed on debt collection efforts while the court addresses the bankruptcy. That includes garnished wages in most cases (though child support and alimony are exceptions). A creditor would have to appeal to the court to continue the garnishment, and prove that there is a good reason to do so.

    Of course, there are many other factors that go into the decision to file for bankruptcy, which should be worked out with an experienced bankruptcy attorney. To get answers to your questions or to Stop a Garnishment With a Bankruptcy Attorney in Chesterfield, call the experienced legal staff at Teague & Associates, LLC at (314) 899-4499 for a consultation today.

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