Chapter 7 and Chapter 13 Bankruptcy in St. Louis

You have made the decision to do something about your financial picture and everyone you have been confident enough to ask has said the same thing. Filing for a bankruptcy St. Louis, Missouri style is the only thing you can do. When all attempts to get back on the straight and narrow fail, you have to take matters into your own hands and ensure yourself and your family another chance at financial success. Sometimes that means biting the bullet, filing for bankruptcy, and giving yourself another shot. With that fact established, how do you know if you should ask for a Chapter 7 or Chapter 13 bankruptcy plan? Each one has its own advantages and disadvantages. Enlisting the help of a St. Louis based bankruptcy lawyer will help, but it's also helpful to know something about the policies of your state government. So just to get the party started, here is the basics of the Chapter 7 and Chapter 13 bankruptcy plans.

• chapter 7 bankruptcy
• chapter 13 bankruptcy
• after bankruptcy

The St. Louis, Missouri bankruptcy laws are pretty clear when it comes to how Chapter 7 bankruptcy claims work. In a nutshell, you provide the court with documentation proving your debts and your inability to pay. From there the court will take stock of your assets, including your home, sell them, and use the proceeds to pay off your outstanding debt. On both the up and down sides, you get a fresh start, but with little to nothing to your name. This type of bankruptcy has worked for thousands of people. Your individual situation and desires will dictate whether or not this is the solution for you.

On the other hand the Chapter 13 bankruptcy plan as laid out in the St. Louis, Missouri bankruptcy law is a bit more lenient. Instead of an outright loss of your assets, you are facing a reorganization of your debts. The court once again looks at your debt, your income, and your assets to formulate a plan of attack on the debt. You will retain ownership of your home and be required to pay an affordable amount each month to the court appointed trustee, who will then pay the debts for you. Chapter 13 has a more gentle appeal.

Both Chapter 7 and Chapter 13 plans under St. Louis, Missouri law are in place to help people with a fresh start. Learn what you can about the qualifications and make the right decision for you and your family.