Filing For Bankruptcy in Northwoods MO


There are only a couple of ways to handle overwhelming debt:  1) you can try and create a household budget in which you methodically pay off all of your debt over time;  2) you file a St Louis bankruptcy.

If you attempt option #1, then there is a good likelihood that you will end up paying a very large portion of your discretionary income towards these monthly bills.  And if you do nothing more than the monthly minimum payment that is required, you should know that it will take you many, many years before it is paid in full.  Why?  Because the vast majority of those payments go towards interest (as opposed to principal).


Option #2 would involve either a St Louis Chapter 7 or Chapter 13.  Both chapters are designed to help you achieve financial freedom (and give you the “fresh start / clean slate” that you need).  But there are a number of differences between the two (which means that the decision of which chapter to file is going to be greatly dependent upon your particular set of circumstances).

A Ch7 is a discharge of unsecured debts (such as credit cards, medical bills, payday loans, etc.).  And as long as your assets to do have a tremendous amount of equity, then you can maintain your ownership of them.  In a Ch13, you are put into a repayment plan over the course of three to five years (during which certain debts are paid back).  This chapter of bankruptcy is primarily used when we want to stop a home foreclosure, to get back a repossessed car, or if your household income is far above the median (or average).

Either way, a St Louis bankruptcy can help you out quite a bit!  And all you need to do is give us a call (or shoot us a text, send us an email, or fill out an online form).  We will take it from there!!

The affordable St. Louis bankruptcy attorneys at The Law Office of Jennifer Alter-Rieken have been saving and protecting people’s assets for years.  Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you.  All phone conversations and office consultations are free of charge.

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