Consider Bankruptcy Options with a Chapter 7 Bankruptcy Lawyer in St. LouisComments Off on Consider Bankruptcy Options with a Chapter 7 Bankruptcy Lawyer in St. Louis
It can, unfortunately, be quite easy to accumulate debts beyond your ability to pay. Credit card accessibility and unanticipated medical expenses are two major causes of this problem, as well as job and income loss or a disastrous business endeavor. When bills become too overwhelming, it may be in your best interest to seek guidance from a Chapter 7 bankruptcy lawyer in St. Louis.
If it is prudent for you to file Chapter 7 bankruptcy, you must meet the following conditions:
- Chapter 13 bankruptcy is not a viable option for your circumstances. The decision to file Chapter 13 is reserved for individuals with higher earnings, secured debts or a mortgage, and who are able to establish an acceptable repayment strategy with the cooperation of the debtors involved.
- You have limited or no resources or protected debts. Some exemptions are available for property that you can retain, including personal possessions, apparel, household items and some money.
- You have qualified debts that can be discharged.
- You want to relieve yourself from debt issues relatively quickly. The Chapter 13 process can last 3-5 years, while Chapter 7 can often be finalized within several months.
Bankruptcy as a solution for debt relief can be a difficult decision to make, but, with the proper direction, it can be conducted with expertise and veracity. If you are undecided about your options for bankruptcy or a different solution to excessive debt, call Teague & Associates, LLC to make an appointment for a no-obligation consultation. Discuss your situation with a Chapter 7 bankruptcy lawyer in St. Louis by calling or texting (314)899-4499.