Filing For Bankruptcy in North St Louis County MO

The northern end of St Louis County is rather large, encompassing a great deal of land mass, and claiming a population of several hundred thousand. Within this section of St Louis is also a large number of individual municipalities. But regardless of where you live in the state of Missouri (and certainly within the St Louis region), the bankruptcy laws and rules remain the same.

For instance, when you file for bankruptcy is either going to be a Chapter 7 or a Chapter 13. There are a great many differences between the two, but the largest distinction is that a Ch13 is described as a repayment plan. This plan lasts between three and five years, during which certain debts are paid back. This would include back child support, car loans, recent tax debt, and overdue mortgage payments. A St Louis Chapter 13 is the primary mechanism to prevent a foreclosure on your home, and it is the best way to get back a repossessed vehicle.

A Ch7 is a straight discharge of your unsecured debt. Things like credit cards, medical bills, payday loans, old utility bills, etc.; these debts will become a thing of the past!! And of course if you are currently being garnished, or your bank accounts are frozen, or there are pending lawsuits against you; these things will also come to an immediate end.

With a Ch13, you are put into a sensible repayment plan. This plan will last three to five years. During this period of time, certain debts are paid back. This would include overdue mortgage payments, recent tax debt, back child support, and car loans. The goal is to consolidate these debts, and create a single, monthly payment that is much lower than what you are currently paying.

The affordable St. Louis bankruptcy attorneys at The Bankruptcy Company have been saving and protecting people’s assets for years. Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you. All phone conversations and office consultations are free of charge.