Deficiencies from Home Foreclosure or Car Repossession in St. Louis

Only $675 for a St. Louis Chapter 7

When a home is foreclosed on, or when a car is repossessed, the result is almost always the same: a deficiency debt is created. Adeficiency is the balance of the loan that is still owed after the asset hasbeen sold. But filing a St. Louis bankruptcy will take care of this debt once and for all.

We Get Rid of all Debt From a Foreclosure or Repo

For instance, if your car has been repo’ed, the lot will hold theautomobile for a short period of time before selling it. But the amountthat is received at the sale is usually far less than what is still owed on theloan. So if you still had a balance of $10,000 when the car wasrepossessed, but the lot was only able to sell it at auction for $4,000, thatmeans that there is an unpaid balance of $6,000 that is still owed. This$6,000 is described as the ‘deficiency’ (i.e. the difference between what isowed and what the car actually sold for). And the car company will demandthat you pay for this deficient amount, perhaps even filing suit against you in order to get it.

Many people are surprised that the creditor will come after an individual for such a deficiency, but rest assured, they will. This same scenario applies to homes that are foreclosed on, and rental leases that are broken before the end of their terms. But the St. Louis bankruptcy attorneys at The Bankruptcy Company have discharged millions of dollars in deficiency debt over the years. Our staff has the knowledge and experience on how to handle such matters, and is prepared to help guide you towards the fresh start / clean slate that you deserve. Whether it is in the form of St. Louis Chapter 7 bankruptcy or St. Louis Chapter 13 bankruptcy, our team is ready to help.

Call us at (314) 932-1067 or contact us through our website The Bankruptcy Company to set up your free consultation with our experienced St. Louis bankruptcy attorneys.

Client Reviews
I contacted The Bankruptcy Company for a speeding ticket. The service they provided was excellent and affordable. After emailing them a copy of the ticket, they they took care of everything else. I have referred several friends there, and they all have had the same experience. I highly recommend them. Ann Schrodt
All I'm gonna say is, if your using this office, Jennifer P. Alter gets things done, answers questions, e-mails quickly & professionally .... totally recommend her .... SHE ROCKS!! Andre Valentini
I've used this firm twice, both for speeding tickets. Both times it was zero hassle: just a matter of giving them the ticket. I've also recommended them to my friends, who have had the same experience. (My friends and I speed a lot.) Highly recommended. I'm sure I'll be back. David Rieken