When a person is overcome with the amount of debt they owe, it is important they realize they have the option of filing for chapter 13. This type of bankruptcy is preferable for those who are facing the loss of a home or other property through collections. Although most people do not want to consider bankruptcy as a first option, it is important they understand the benefits so they can make a sound decision on filing Bankruptcy St. Louis MO.
While there are a couple of types of bankruptcy one can file, chapter 13 offers a better alternative to chapter 7 for most people. When one files chapter 7, the results can remain on their credit file for up to ten years but will only stay seven for chapter 13. Although chapter 7 is faster to resolve, it sometimes requires a person to have some of their property liquidated so as much of the debt can be paid off as possible.
Chapter 13 can prevent a homeowner from losing their home through foreclosure and can stop collections. A person can have their secured debts restructured for the entire life of the bankruptcy period which can often lower their monthly payments and make them more affordable. This can allow a debtor to get back on track with their finances so they do not have to surrender their property. This is why many people with overwhelming secured debt should meet with a lawyer for bankruptcy in St. Louis, MO.
When one has co-signers on some of their secured debts, their co-signers can be protected through a special provision that prevents third-parties from suffering because of the primary person filing for bankruptcy. This is advantageous for people who do not want to have their cosigners experience problems.
Meeting with a lawyer will allow a person to learn if they are a good candidate for Bankruptcy St. Louis MO. For further information on the benefits of filing for bankruptcy, visit Website.com. They are a law team that can help you overcome your debt and get back on your feet financially. Call today to get started by scheduling your appointment.
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