When people are facing financial distress they often are concerned about whether they will be able to keep the things most important to them. If you have gotten behind on your bills you may be facing eviction, foreclosure on your home, repossession of your vehicle, or aggressive collection practices from credit card companies or other creditors. Fortunately for debtors bankruptcy may be able to provide a way to manage or eliminate your debt while also keeping your home and other property. In order to determine whether bankruptcy could benefit contact one of the St. Louis Chapter 13 bankruptcy lawyers at The Westbrook Law Group for a free consultation.
Chapter 13 bankruptcy is what is known as a reorganization bankruptcy meaning that you keep your property and your debts are restructured in a way that allows you to repay them over a 3 to 5 year period. Chapter 13 bankruptcy is not for everyone and you need to meet certain income and debt requirements to even be eligible to file. The good news for people who file Chapter 13 bankruptcy is that it will allow a person to keep their property even if they have gotten behind on their payments. In the situation of a mortgage that has become delinquent a Chapter 13 bankruptcy allows a person to take the amount that they are behind (known as arrearage) and pay that amount over the period of the repayment plan which is from 3 to 5 years. In order to be able to do this you need to be able to afford the amount of your mortgage payment as well as the amount of the additional arrearage every month. People who file for Chapter 13 bankruptcy also come under the protection of the automatic stay which effectively stops all collection efforts including foreclosure proceedings.
Consult with one of our St. Louis Chapter 13 bankruptcy lawyers at no charge
For certain people Chapter 13 bankruptcy may be an effective way to keep your property while restructuring your debts to a manageable level. In order to determine whether bankruptcy is right for you, you should consult with an experienced St. Louis bankruptcy attorney. The Westbrook Law group practices exclusively in the area of bankruptcy law, and has helped hundreds of clients regain their financial footing. To schedule a free consultation with Mr. Westbrook, contact us today at (636) 493-9231. If you would prefer to reach us by email, please fill out our online contact form available to the right and a member of our staff will be in touch with you shortly.