Bankruptcy Lawyer in O’FallonComments Off on Bankruptcy Lawyer in O’Fallon
When bills start piling up, it can often have a snow ball effect meaning that the pile just seems to get bigger. It doesn’t seem to take very long to get so far behind there is very little chance of getting caught up. The burden of a mounting debt load takes its toll physically, mentally, and emotionally. When things get to this stage and all other options have been exhausted, it may be best to consult with a bankruptcy lawyer in O’Fallon.
A bankruptcy lawyer will not only be in a position to represent you, they will be in a position to stop any and all collection and foreclosure proceedings immediately. This can reduce the burden of creditor harassment and allow you to breathe easy for what could be the first time in years.
In consultation with a bankruptcy lawyer, the type of bankruptcy can be decided depending on the circumstances surrounding the claim. A chapter 7 bankruptcy is a complete discharge or cancellation of debt. This form of bankruptcy will provide an individual with the opportunity to make a fresh financial start.
A chapter 13 bankruptcy is more of a consolidation of debt and not a cancellation of debt. Quite often with this type of bankruptcy, the interest and some of the principal is eliminated from the total owing, drastically lowering monthly payments. This option allows individuals to continue on a payment plan which fits their budget.
It is important to be aware that bankruptcy proceedings can take time. It is a process completed through the legal channels and is not completed until a full discharge has been granted. There is a lot to the process and hiring a bankruptcy attorney drastically reduces the amount of stress you have during the proceedings.