Filing For Bankruptcy in Pine Lawn MO


There are two main chapters of bankruptcy in St Louis:  Chapter 7 and Chapter 13

The choice of which bankruptcy you should file is completely dependent upon a number of important factors:  the number of people in your household, the total household income, and what sort of assets you own.


Once this information is learned, then it will likely become more clear as to which chapter is correct for you.  For example, a St Louis Chapter 7 is described as a discharge of unsecured debt (such as credit cards, medical bills, payday loans, etc.).  That means that those debts will be wiped out forever!!  No more phone calls, no more nasty letters!  And so long as your assets do not have a great deal of equity, then you can keep them as well.

The way in which you qualify for a Chapter 7 is twofold:  1) it has to be eight (8) years since you filed your last Ch7;  2) you are below the median income level for your household size.

In some cases, it makes more sense to file a St Louis Chapter 13.  This kind of bankruptcy is described as a repayment plan over the course of three to five years.  During this timeframe, you will pay back certain debts (such as car loans at a lower interest rate, overdue mortgage payments, recent tax debt, and back child support), but the goal will still be to get as much of your unsecured debt knocked out!

Some common situations in which someone would file a Ch13 is when their house is about to go into foreclosure, their car has recently been repossessed, or if they are clearly above the median income level.  Of course, filing a Chapter 13 is not the end of the world!  There are a great many benefits that come with a Ch13 that you cannot get in a Chapter 7.

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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