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Archive: Nov 2016

  1. The Basics of Working with a Chapter 13 Bankruptcy Attorney in Florissant

    Comments Off on The Basics of Working with a Chapter 13 Bankruptcy Attorney in Florissant

    shutterstock_213136240Everyone experiences financial challenges from time to time, however, sometimes they can be severe enough to warrant bankruptcy. But how do you know which type of bankruptcy is right for you and your situation? How do you go about filing? Dealing with bankruptcy is difficult enough; don’t make it harder by not working with professional legal counsel. Read on to learn more about the basics of working with a Chapter 13 bankruptcy attorney in Florissant.

    Chapter 13 bankruptcy is also known as a wage earner’s plan. This type of bankruptcy enables individuals with regular income to form a debt repayment plan. By working with legal counsel, individuals can work with and negotiate with creditors to form installment and repayment plans to take care of an individual’s debt.

    Advantages of Chapter 13 Bankruptcy

    There are a number of advantages in choosing chapter 13 bankruptcy rather than liquidating assets under chapter 7, but it’s important to understand the eligibility requirements as well as other nuances. Most importantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter with an attorney, individuals might be able to stop the foreclosure process and can involve forming a repayment plan for back owed or delinquent mortgage payments.

    Chapter 13 Eligibility

    Regardless of whether an individual is self-employed or operating an unincorporated business, he or she is eligible for chapter 13 bankruptcy as long as the individual’s unsecured debts are under $400,000, and secured debts are less than $1,149,525.

    For more information on how a bankruptcy attorney can help you in your financial situation, contact the legal team at Teague & Associates today. Call Teague & Associates at (314)899-4499 or chat with us online now to find out how we can offer you the best possible legal solutions. Call us today to speak with a Chapter 13 Bankruptcy Attorney in Florissant.

  2. Chapter 7 vs. Chapter 13 Bankruptcy: How a Bankruptcy Lawyer Can Help

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    shutterstock_301986353The majority of bankruptcy cases filed in the Unites States are either Chapter 7 or Chapter 13. Some of the most common questions surrounding bankruptcy have to do with the differences between Chapter 7 and Chapter 13. What are the key differences, and how do you know which bankruptcy choice is the best choice for you? The answers to these questions greatly depends on your income, assets, debts, and liabilities. Your financial goals are also considered. Read on to learn more about the differences between Chapter 7 and Chapter 13 bankruptcy and how a bankruptcy lawyer in St. Louis can help.

    What is Chapter 7 Bankruptcy?

    The goal of Chapter 7 bankruptcy is to get rid of all unsecured debts. The most common forms of unsecured consumer debt are credit cards and medical bills.

    What is Chapter 13 Bankruptcy?

    Chapter 13 bankruptcy is an option for individuals who want to pay back at least a portion of their debts, which can be arranged with repayment plans.

    Chapter 13 bankruptcy offers more benefits than Chapter 7 bankruptcy. Chapter 13 bankruptcy allows individuals to catch up on missed mortgage payments or catch up on other accounts that may be in default.

    How Can a Bankruptcy Lawyer in St. Louis Help?

    Now that you understand the differences between Chapter 7 and Chapter 13 bankruptcy, a bankruptcy lawyer in St. Louis can analyze your financial situation, including all your assets and liabilities, talk to you about your financial goals, and advise you in one direction over the other.

    Contact our legal team at Teague & Associates today at (314)899-4499 to speak with a bankruptcy lawyer in St. Louis.

The choice of an attorney is an important one and should not be based solely upon advertisements.