The nation’s economy has brought forth many financial problems for people of almost all walks of life. Some experience personal and some business financial woes. Job loss and businesses closing are two of the main causes of Bankruptcy in St. Charles, MO. There is no shame or stigma attached to this kind of debt relief in modern times like there was before the laws focused on the debtor instead of the creditor. The following will address the three most used types of bankruptcy handled by The Law Offices of Steven K. Brown.
Chapter 7
Individuals most commonly use Chapter 7 as their debt discharge solution. Not everyone qualifies for this kind of bankruptcy. It is mostly for people in a lower income level who cannot pay their debts. It will stop creditor phone calls, halt foreclosures in some cases, protect some of your private property, but may also require you to sell off some of your belongings to pay back some debts. This is also the fastest type of bankruptcy and takes about three to four months to complete.
Chapter 11
Chapter 11 is mostly used by businesses that want to restructure, or reorganize their debt. Small businesses can benefit from this debt relief option. It makes it possible to still remain in operation, while paying off business debts at lower interest rates and lower payments. It is a way to salvage your business if you do not want to give up and close your doors. Just like with any form of Bankruptcy in St. Charles, MO, you will have to show you qualify for this option.
Chapter 13
Chapter 13 is for personal or business financial relief and is geared toward the income earner. Much like Chapter 11, Chapter 13 allows you to reorganize your debt with lower interest, no fees, and lower payments that are combined into one payment you send or give to your lawyer to send to the various creditors. It can stop wage garnishments, vehicle repossessions, home foreclosures, business closings, and creditor calls.
A lawyer can help in the process of all types of bankruptcy. A free consultation will give you the information you need to learn which kind is for you, if you want to proceed, or if you qualify for bankruptcy of any kind. The Law Offices of Steven K. Brown offer free initial consultations for bankruptcy cases. Click here for more information.
