Jefferson County, MO Chapter 13 Bankruptcy - for Only $300 Upfront Fees
A Chapter 13 bankruptcy is described as a repayment plan over the course of three (3) to five (5) years during which certain debts are paid back. It is basically a restructuring of your secured debts, in which everything is consolidated into one, easy monthly payment. The Trustee then distributes this monthly payment to the various creditors listed on your Chapter 13 repayment plan.We Can Get You into a Repayment Plan That Makes Sense for Your Budget
The main reason why someone from Jefferson County, Missouri, would file a Chapter 13 is because of some major issue with their home, like a foreclosure. If your home is facing a foreclosure (but your goal is to keep the property), then filing a Chapter 13 will stop the foreclosure sale, and allow you to repay the amount you have fallen behind on over a number of years. This is much easier than having to come up with a lump sum payment to come current with the mortgage company.
Another reason why someone might chose a Jefferson County Chapter 13 is because they do not have any other choice. This can happen on two occasions: 1) You have filed a Chapter 7 within the last eight (8) years. If this is the case, the only type of Missouri bankruptcy you can file is a Chapter 13; 2) Your household income is higher than the national average. For instance, the average (or median) income for a household of three (3) is $58,355. If you are a household of three, and your total income greatly exceeds this amount, then it is possible that you would have to file a 13.
There are also a number of other benefits that come with filing a Chapter 13:
- If the circumstances are rights, there is a chance you can cram down the amount you owe on your automobile to the actual value of the car (as opposed to what is still owed on the balance of your loan). Depending on the how much you currently owe, this could shave off thousands of dollars from your loan, and greatly reduce your monthly payments.
- A Jefferson County, MO, Chapter 13 also uses a much lower rate of interest on secured loans (especially if you are currently paying a double-digit interest rate right now). Currently, Missouri uses a 5.04% interest rate.
- It is also possible to strip off a second mortgage from your home in a 13. If the fair market value of your residence is less than the balance owed on your first mortgage, then it is possible to get rid of the junior lien. But this can only be done in a Jefferson County Chapter 13 bankruptcy.
- You also have the opportunity to wipe out all of your unsecured debts (like credit cards, medical bills and payday loans) in a Chapter 13. This discharge of debts can happen when you are below a certain median income level (much like if you were doing a Jefferson County Chapter 7 bankruptcy).
Regardless of your particular situation, the affordable Jefferson County bankruptcy attorneys at The Law Office of Jennifer Alter-Rieken have been helping people get back on their financial feet for over ten (10) years. We do this by ensuring that you receive the fresh start / clean slate that you deserve. The initial consultation is free of charge. So contact us today to learn more!