All of your attempts at dealing with your debt have failed. You’re at a point where you can’t make enough money to pay everything off and cover your living expenses. Something has to go, and you’ve decided that it’s the debt. To achieve that, you need to File for Bankruptcy in St. Louis in order to get rid of it all, but how? The best way to file is with the help of a lawyer, but you it’s still a good idea to learn a bit about what you have to do before you go ahead and retain a lawyer.
The first step you take is one of organizing all of your financial documents to File for Bankruptcy in St. Louis. It doesn’t matter if it’s on paper or in an electronic format; what does matter is that you have every last bit of information about your finances available. If you think you are missing something, take advantage of the free credit report you get every year to uncover accounts you may have forgotten. Make sure to include statements from accounts that you have stopped paying on as you’ll need to list it as part of how much debt you have. You also need information on any retirement accounts, even though they are exempt from bankruptcy.
The next thing to do is to take an inventory of your assets. Depending on which chapter you are eligible for, you are going to exempt some items of value or use them as part of the process. In a Chapter 7, if you own items with a reasonable amount of value, you may lose them to the court. This is because Chapter 7 is known as liquidation, which sells off any property with an asset value. This is in order to pay off your creditors.
Once these two jobs are done, it’s time to talk to a lawyer or set up a consultation with one.The consultation is your opportunity to learn as much as you can about what is going to happen and how bankruptcy changes your life. After that, the final thing for you to do is to commit to representation so you can move forward.
