At some point in the lives of millions of people, an important and very serious question enters the conversation among family members. “Am I eligible for Chapter 7 bankruptcy?” You could, of course, read about this method of handling overwhelming debt, and you probably should. However, to proceed through what may be a legal maze for the layperson, you should always get professional help from an experienced attorney.
For most people who take the correct steps, getting assistance with Chapter 7 in St. Charles, MO will lead to a new lease on life that will, essentially, be debt-free. There will be some debts that cannot be discharged including child support, alimony, some tax obligations, and a few other specific types of debt. Your first step should be to contact an experienced legal professional to arrange a meeting.
During this conversation, the attorney will listen to the details of your financial status and help you determine if bankruptcy is the right choice for you. It may be necessary to follow the Chapter 13 path, which is a consolidation of debts rather than discharge of debt. If the attorney does determine that you are eligible for Chapter 7, the decisions will be based on your income and not the amount of debt you have.
When in Doubt, Ask
You can always apply, no matter how much debt you have. It is important to have proper documentation for your application. You should also be able to explain asset loss as well. Some student loans may remain in force under this type of bankruptcy as well as DUI payments and criminal restitution.
Contact Van Dillen & Flood, P.C. for details on the different types of bankruptcy and to determine the debts that can be discharged. You should never assume you are not eligible, nor should you assume you are. When in doubt, ask.