Filing for Bankruptcy St. Charles MO can be a confusing process. The person will need to determine which chapter they can file under and then begin the paperwork. They’ll need to go to court for their case and work on repaying the debts through the means outlined by the chapter they file under. Most people prefer to have an attorney to work with them when they’re filing for bankruptcy, but it is possible to file without an attorney’s help.
The first thing a person needs to determine when they decide to file for Bankruptcy St. Charles MO is whether they have a business or they’re filing for personal bankruptcy. In most cases, the distinction is clear. However, if the person’s personal and business expenses are entwined as one, they may have a little bit of difficulty determining which chapter applies in their case. If there is any question over which type of bankruptcy a person should file under, they need to hire a lawyer to ensure they file correctly.
If a person is going to be filing for personal Bankruptcy St. Charles MO, they next need to determine which chapter is going to be right for them. Typically, personal bankruptcy is either Chapter 7 or Chapter 13. Chapter 7 is for lower income individuals while Chapter 13 is for those who make more than the mean amount of income for their state. With Chapter 7, personal assets are sold to cover as much of the debts as possible, with some assets being exempt. In Chapter 13, the individual must make payments on the amount of debt owed for three to five years. Visit the site for more info about the bankruptcy in St. Charles, MO.
It’s important for a person to choose the right type and chapter of bankruptcy before they file any paperwork. If a person chooses the wrong type, their case could be dismissed and they’ll need to start over. In some cases, it may mean they do not have the protection of bankruptcy fast enough and they lose their home to foreclosure or their vehicle to repossession. To be safe, most people tend to hire a lawyer like one from Van Dillen & Flood P.C. This way, they can be sure they’re filing under the right bankruptcy chapter and avoid any costly mistakes.