For many individuals and families, the bankruptcy process can feel incredibly frustrating. When you're hoping for financial relief, it's tempting to attempt to navigate the process alone. Don't make that mistake. As an experienced bankruptcy attorney, I may be able to guide you toward a favorable, sustainable outcome. Since 2009, I've served clients throughout the St. Louis area, including Washington, St. Charles, and St. Louis County, Missouri. Allow me to help you on the road to financial freedom.
Unlike Chapter 7 bankruptcy, a Chapter 13 bankruptcy sets up a repayment plan to help you reorganize your debts. This is also known as “reorganization bankruptcy.” After the satisfactory completion of the repayment plan, which is generally between 3–5 years, any remaining debts are discharged.
There are many benefits in filing a Chapter 13 bankruptcy. For one, a St. Louis Chapter 13 bankruptcy can stop a foreclosure and allow you to enter into a reorganization plan which would protect your house. Also, you may be able to reduce the interest rate on a car loan or other secured debt. Filing for Chapter 13 bankruptcy allows you to retain the property or other items that may not be protected under a Chapter 7 bankruptcy.
In Chapter 13 bankruptcy, certain priority debts must be paid in full. Often, these include taxes, mortgages, and car arrears. If you have fallen behind on any of these debts, filing a Chapter 13 bankruptcy can often protect you from these creditors attempting a foreclosure or repossession.
If you or your loved one is considering filing for St. Louis, MO Chapter 13 bankruptcy, it may help to speak with a St. Louis bankruptcy attorney at AKS Law. If you live in St. Louis, Washington, St. Charles, or anywhere else in Missouri, I can help you weigh your options and navigate the process if you decide to file. Contact me today for your free initial consultation.