Debt Relief in St. Louis is Available for You

Unemployment, long-term illness and divorce are common reasons a person can get behind on their bills. When bills pile up and you are unable to pay them, you have options. Many people in this situation first attempt to work out payment arrangements with the creditor. Some creditors will be receptive to such arrangements if their customer was in good standing prior to their financial difficulties and will be able to make payments on time in the future. However, most people with serious debt problems cannot make that kind of commitment and may find themselves deeper in debt if they try.

Another option is bankruptcy. This kind of Debt Relief in St. Louis may allow you to erase the debts that you aren’t able to pay. There are two different kinds of bankruptcy available to individuals who need relief from their debt. Chapter 7 is the most commonly used and it allows qualified filers to discharge, or erase, their unsecured credit card bills, medical debts and personal loans. Secured debts are handled differently in Chapter 7 and in many cases, filers with a mortgage or car loan lose their property. There are income restrictions on Chapter 7 bankruptcy. However, if you make too much money to qualify for this option, you may still file under Chapter 13.

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Chapter 13 bankruptcy gives people who need Debt Relief in St. Louis the option of keeping their home and vehicle. If you are facing foreclosure, talk to an attorney from the Law Offices of Steven K. Brown St. Louis to find out how Chapter 13 bankruptcy can help you keep your house and catch up on your mortgage payments over a three to five year period. In exchange for keeping your property, you will have to repay most of your debts on an extended payment plan. To qualify for this option, you must have enough money to make reasonable monthly payments on your bills.

An attorney can help you understand your options for debt relief, including the advantages and disadvantages of each option. If you choose to file for bankruptcy, you will take part in credit counseling that may help you avoid future financial problems. Click Here for more details.

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