Why You Need a Bankruptcy Lawyer in St. Charles

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Bankruptcy Lawyer in St. CharlesOverwhelming debt not only takes a toll on your finances, but also your peace of mind. Declaring bankruptcy can help alleviate many of your troubles, but it does at the same time create another set of important conditions for you to consider. Navigating through bankruptcy on your own can be overwhelming, and you don’t want to unknowingly make poor choices throughout the process. The best plan is to hire a competent bankruptcy lawyer in St. Charles who will offer valuable guidance on the best practices to follow for the most stress-free journey through bankruptcy court.

It is important to note that filing bankruptcy does have far-reaching consequences. While eliminating your debts, you will also damage your credit, and have the potential to lose some possessions. A bankruptcy attorney will aid you in having all of the information you need to make strategic choices for your situation. For example, you will be required to get credit counseling prior to filing, and also to verify your income. Your lawyer will assist you in completing the necessary forms for the bankruptcy court.

Bankruptcy is often filed as either Chapter 7 and Chapter 13 . The type of bankruptcy you file depends upon your income and your assets. A Chapter 7 bankruptcy takes about 12 weeks to complete and remains on your credit report for 10 years, while filing for Chapter 13 lasts for 3-5 years and stays on your credit record for 7 years. The thing to keep in mind is that while there are pros and cons to filing for bankruptcy is that legal counsel can make the difficult situation much easier to navigate.

To learn more about your options for discharging your debts, contact a bankruptcy lawyer in St. Charles at Teague & Associates, LLC. Call us today at (314)899-4499 to request a consultation without obligation to retain our services.