Circumstances beyond a person’s control can often lead to tremendous financial difficulties. Consumers can find themselves suddenly struggling to pay bills as debt continues to mount.
The good news is that people have legal rights to eliminate much of their debt as part of the bankruptcy process. This procedure can be extraordinarily complicated in regards to who is able to file, when they are able to file, and how the debt will be handled.
Types of Bankruptcy
Pontello & Bressler, LLC provides skilled consumer protection that can help you get a fresh financial start. We help clients in the St. Louis metro with many chapters of bankruptcy.
Bankruptcy can be especially useful for people who are facing foreclosure, struggling to pay credit card bills or medical expenses, or are being harassed by debt collectors. There are different chapters of bankruptcy that have unique requirements for certain situations. Some of the chapters our firm handles include:
- Chapter 7 Bankruptcy— This is also known as a straight or liquidation bankruptcy in which a person has many or all of his or her debts discharged or canceled. Chapter 7 typically takes only four to six months to complete, but it can involve the possible loss of nonexempt property, such as houses or automobiles. A person also needs to pass a bankruptcy means test that determines whether his or her income is low enough to be eligible to file Chapter 7.
- Chapter 12 Bankruptcy — Family farmers or family fishermen may be able to utilize this bankruptcy chapter that allows qualified applicants to discharge unsecured debts, cram down secured debts, and enter a repayment plan for business debts. Similar to Chapter 7 bankruptcy, Chapter 12 also has strict eligibility requirements that make it available to only select debtors.
- Chapter 13 Bankruptcy — Consumers who want to keep their homes or motor vehicles that they are behind on payments for can benefit from this type of bankruptcy. In Chapter 13, a person enters a repayment plan to pay back some or all of his or her debts over a period of three to five years. Most people who do not qualify for Chapter 7 are able to file for bankruptcy under this chapter.
Get Debt Relief with Help of St. Louis Bankruptcy Lawyer
If you have massive amounts of debt, it is important to understand that there are very strict requirements and deadlines that need to be met if you are considering filing bankruptcy. You will want the help of an experienced St. Louis bankruptcy attorney from start to finish during this process, and our firm can provide a complete evaluation of your case so you can fully understand all of your legal options when you contact Pontello & Bressler, LLC today to schedule a free, confidential consultation.