There are various reasons that people get into financial trouble ranging from job loss to simply getting behind on financial obligations. Managing a high debt burden while also trying to provide for yourself and your family can be very difficult. Fortunately bankruptcy can allow people who have unmanageable debt to start over by providing a clean financial slate. It can help restructure or even eliminate debt in a way that allows people to continue to live normally while getting their financial situation under control. In order to determine whether bankruptcy is right for you consult with an experienced St. Louis bankruptcy attorney. The type of bankruptcy that may be right for you is largely dependent on the specific circumstances of your situation and having your case reviewed by a St. Louis bankruptcy attorney is the best way to determine which, if any would be appropriate.
Chapter 7 bankruptcy is a type of bankruptcy in which a debtor’s non-exempt assets are sold off in order to pay back debts. In most cases a person who files for Chapter 7 can keep their home and vehicle. Other personal property may be retained as well but only to the amount of the exemption. Unsecured debts that are still not satisfied after liquidation as discharged meaning that the debtor is no longer under any obligation to pay them back. Common types of debt that can be discharged through a Chapter 7 bankruptcy include the following:
- Credit card debt
- Certain tax debts
- Medical bills
- Utility bills
- Bank rent
- Personal loans
A couple of notable exceptions to the types of debts that may be discharged in Chapter 7 bankruptcy include student loan debt and child support or alimony payments.
If you have fallen on difficult financial times and do not know where to turn bankruptcy may be an option to consider. The Westbrook Law Group has helped hundreds of clients obtain a fresh start through bankruptcy. We practice exclusively in the area of bankruptcy law and are dedicated to helping our clients get back on their feet. A St. Louis bankruptcy attorney can help you find a new beginning. For a free consultation, contact our office right away.