St. Louis Chapter 7 Bankruptcy Lawyers Can Help You Get Your Life Back on Track

There are several kinds of bankruptcy filing however the type that most often suits individuals seeking to file personal bankruptcy is called Chapter 7 bankruptcy.  Like any bankruptcy filing there are positive outcomes as well as some potentially difficult requirements.  But if you are having financial trouble the positive results of Chapter 7 bankruptcy can significantly outweigh the negatives.  St. Louis Chapter 7 Bankruptcy Lawyers can assist you in determining whether filing under Chapter 7 is the right solution for your situation.

As soon as you file for Chapter 7 bankruptcy you receive something called an automatic stay.  This means that your creditors and debtors must immediately cease trying to collect on your debts.  You will no longer have to dodge calls from collectors or worry about them going after your house, bank account, or other assets, or garnishing your wages.  You will receive instant peace of mind regarding your debts.  Under Chapter 7 bankruptcy you request that the court discharge the majority of your debts.  However not every debt can be wiped out.  For instance some debts that are not usually discharged by Chapter 7 include:

  • Secured loans, such as mortgage or auto loans
  • Tax debts within the past three years
  • Student loans
  • Child or spousal support

Even though you will be rid of a lot of your debts there are consequences.  Your personal property can be seized and sold, or liquidated, and the cash is distributed among your debtors.  The good news is that not all of your property can be collected.  Property that is exempt for collection includes your primary residence and automobile, retirement accounts, life insurance policies, household items, and jewelry.  Most exempt property has a cap, or monetary limit. For example you can only keep a certain amount of jewelry worth a certain value.  Exempt property and limits vary from state to state.  On the other hand you must surrender non-exempt property such as vacation or rental homes, second cars, cash, investments, bank accounts, family heirlooms, expensive musical instruments, and collections of value, such as coins, baseball cards, and stamps.

While parting with your property and possessions may be hard but the upside is that many of your financial worries will disappear.  Choosing to file bankruptcy may be a difficult decision however it may very well be worth the peace of mind of you and your family.

If you are having financial difficulties and want to know if bankruptcy is a good option for you contact a St. Louis Chapter 7 bankruptcy lawyer at The Westbrook Law Group at (636) 493-9231, or fill out our contact form on the right side of this page and someone will contact you shortly.

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