Debt can ruin a person’s life if it isn’t managed properly. In many cases, people accumulate debt when they can afford it but, if they lose their main source of income or have any other financial setback, covering all of the debts they were once able to afford can be challenging. Fortunately, there are ways to deal with these debts in a way that allows people to make payments they can afford. To make payments more affordable, people in this situation can contact Debt Relief Attorneys in St. Louis MO. In many cases, Chapter 13 bankruptcy is the ideal solution to this problem.
By working with Debt Relief Attorneys in St. Louis MO, a person with more debt than they can afford might be able to make one monthly payment to cover all of their debts. This payment is made directly to the court, where it is disbursed to creditors according to the payment schedule. This option is often better for individuals who own a home or other property because they won’t have to surrender their assets when they file for debt relief.
Chapter 13 bankruptcy also allows an individual or family behind on their mortgage or auto loan to make up the missed payments over time. Doing so could allow them to keep their property. Many people in debt worry they’ll lose their home and have to move their children to a less-desirable neighborhood. Chapter 13 bankruptcy can be used to save a home even if the lender is preparing to foreclose on the property.
There is a wealth of information on Stlbankruptcyfirm.com that could help a person decide whether Chapter 13 bankruptcy is the best option to solve their financial problems. It isn’t right for everyone and, in some cases, Chapter 7 is the ideal choice. Those without a mortgage or enough income to support a Chapter 13 repayment plan may be better served by discharging all of their unsecured debts and getting a fresh start. A bankruptcy attorney may give a client advice about restoring their credit after filing for debt relief, so they are able to make major purchases again in the future.
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