Seek Legal Help When Filing for Chapter 7 Bankruptcy Attorney in O’FallonComments Off on Seek Legal Help When Filing for Chapter 7 Bankruptcy Attorney in O’Fallon
Bankruptcy is a complex process and requires the guidance of a professional to ensure that you are doing what is best for your situation. Call a Chapter 7 bankruptcy attorney in O’Fallon today to learn about your options for discharging your debts.
Of course, filing bankruptcy is never a pleasant occasion, but sometimes debts due to
- emergency medical care
- income loss
- a failed business venture
and many other unexpected or unpreventable circumstances, seemingly leave you with no other realistic choice.
For individuals with a higher than average confirmed income, Chapter 13 bankruptcy is the better option since this procedure involves debt repayment rather than liquidation. Chapter 7 is reserved for those whose income is not steady and are unable to meet financial responsibilities on a monthly basis. Debt liquidation is a viable option for people without a mortgage, car loan or those who have a lien.
Your assigned bankruptcy trustee will help to sell some of your assets (property, for example) and use the proceeds to pay your creditors, but there are exemptions to specific possessions that can be sold.
- child support
- student loans, and
- most taxes
cannot be discharged in bankruptcy, but filing Chapter 7 can at least reduce your debts and leave money free to pay on the debts that must be paid. A Chapter 7 filing can take several months from start to finish.
When seeking advice about whether or not to file bankruptcy, it is best to rely on someone who has experience in this unique type of legal action. Call or text a Chapter 7 bankruptcy attorney in O’Fallon at Teague & Associates, LLC, at (314)899-4499 to schedule a private consultation.