Bankruptcy refers to the legal status of a business or individual that cannot pay back its debts. Bankruptcy is usually instigated by the borrower and imposed by a court order. The process to file for bankruptcy in St. Louis, MO, can be long and complicated, especially if the applicant does not have a profound knowledge of the law. Apart from the overwhelming paperwork and documentation, the bankruptcy schedules can be inflexible. By hiring the services of a proficient bankruptcy lawyer, one can ensure that the entire process flows smoothly. An experienced bankruptcy lawyer at the law office of Van Dillen & Flood, P.C., knows all the state rules and regulations involved in filing a bankruptcy case. They guide their clients throughout the entire process in the most professional way. Here are important details to know about bankruptcy in St. Louis, MO.
Types of Bankruptcy
There are two major forms of bankruptcy: Chapter 13 and Chapter 7. Chapter 13 bankruptcy is a good option for people with a stable job. In this form of bankruptcy, the borrower is allowed to pay off his or her debts over the next 3 to 5 years. Borrowers are also allowed to retain their properties. Under Chapter 7 bankruptcy, the borrower can have most or all their debts discharged. The court may liquidate or sell some of the property and then pay the creditors. However, the borrower is allowed to keep assets that are exempt from sale under the federal law.
Top Three Roles of a Bankruptcy Attorney
1. Examine the borrower’s financial situation: A skilled bankruptcy lawyer can examine the borrowers’ financial condition and determine the type of bankruptcy that best matches their situation.
2. Provide legal counsel: A knowledgeable bankruptcy lawyer can provide reliable legal advice on how to deal with potential legal actions from creditors and how to rebuild finances and credits.
3. Discussions with creditors: A competent bankruptcy attorney can handle all negotiations on behalf of the client to ensure they do not breach the bankruptcy code.
These are just some important details to know before filing for bankruptcy in St. Louis, MO. To know if filing for bankruptcy is the best option for you, it is important to choose an experienced bankruptcy attorney. For more information about bankruptcy, and the importance of hiring a knowledgeable lawyer, visit the law office of Van Dillen & Flood, P.C.
