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Filing a Chapter 13 Bankruptcy: Basic Steps

chapter 13 bankruptcy attorneys

Taking bankruptcy into consideration

For those who need to file for bankruptcy in the St. Louis metropolitan area, which includes St. Charles and Jefferson County, you may have discovered a reliable bankruptcy law firm in the area. The effects of any form of financial stress can be extremely detrimental to one’s quality of life. However, you have a strong instrument at your disposal that can give you quick financial relief: a debt consolidation loan.

Even a brief conversation with someone who understands what they are talking about and has dealt with thousands of cases might be really beneficial in some situations.We have highly competent bankruptcy attorneys with a wealth of experience in guiding good individuals out of difficult financial situations in St. Louis and around the state of Missouri.

Westbrook Law Group’ Chapter 13 bankruptcy attorneys are among the most economical and competent bankruptcy attorneys in the St. Louis area, and we can help you with your Chapter 7 or Chapter 13 bankruptcy case. When choosing an attorney, though, do not prioritize cost over all else. 

Consider the importance of experience and skill – and take a look at our testimonials page for examples of first-hand success. Finally, there is no reason to be afraid of declaring bankruptcy because it is a reasonable response to the financial stress you are facing.

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a type of bankruptcy in the United States in which debtors reorganize their finances under the monitoring and consent of the courts. Individuals and married couples are entitled to apply for Chapter 13 bankruptcy, regardless of whether they are self-employed or operate an unincorporated business.

Debtors must submit and adhere to a plan to repay outstanding creditors within three to five years as part of a Chapter 13 reorganization, often known as a wage earner’s plan.

In most cases, the repayment plan must give a significant payback to creditors—at least equal to what they would receive under other types of bankruptcy—and must, if necessary, use 100 percent of the debtor’s disposable income for repayment.

Debtors must produce a list of all creditors and the amounts owing to each, as well as a list of any property they own, information about their income quantities and sources, and thorough information about their monthly expenses.

The debtor then pays a monthly amount agreed upon to an appointed, impartial bankruptcy trustee, essentially consolidating obligations into a single monthly payment. The trustee is then responsible for disbursing the funds to the debtor’s creditors. 

Under Chapter 13 protection, debtors have no direct interaction with creditors.

Call today for a Free Consultation

When you’re in debt, it’s difficult to focus on anything else. But there are steps that you can take to get out of debt – even if your credit is damaged or your income has been cut off completely! Call our St. Charles bankruptcy attorneys at Westbrook Law Group to find out how to escape the shackles of debt and get relief in Missouri.

Chapter 13 Bankruptcy Filing in St. Louis

Chapter 13 bankruptcies are differentiated from Chapter 7 bankruptcies by their emphasis on debt restructuring rather than debt eradication. While some debt may still be dismissed, a significant percentage of the remaining debt is restructured into an affordable monthly payment plan.

Typically, debtors pay pennies on the dollar for outstanding secured unsecured debt and receive a variety of perks for secured debt.

How Much Does Chapter 13 Cost on an Average Monthly Basis?

Payments for your plan will vary according to your unique circumstances. After thousands of Chapter 13 bankruptcy files, our firm has determined that the best course of action is to contact us, ask a few preliminary questions, and we can provide you with an estimate of your payment.

We will work with you to guarantee that you only pay what you can afford.

How Long Does Chapter 13 Repayment Take?

Similar to establishing an average monthly payment, the length of your payment plan will be determined by your unique circumstances and your financial capabilities.

Payment plans typically take three to five years to repay.

How Does Bankruptcy Under Chapter 13 Affect Your Credit Score?

Although studies indicate that filing for bankruptcy will result in a credit score of between 550 and 575, this is not the whole story. To begin with, overwhelming debt has almost certainly already resulted in a bad credit score. Bankruptcy re-establishes your financial stability. Bankruptcy is a process of redemption. 

Second, filing for bankruptcy immediately improves your debt-to-income ratio. Bankruptcy is not a cure-all, but it is a significant step in the right direction. 

Call us at (636) 425-2997 and we can discuss all of your alternatives and assist you in moving forward in life.

Bankruptcy may be your last good option.

The majority of individuals view bankruptcy as a last resort. Rather than that, it is more realistic to state that bankruptcy is your last viable alternative. 

Our St. Louis bankruptcy attorneys frequently meet with folks who have made some extremely poor choices in an attempt to avoid filing for bankruptcy. These choices exacerbate their problems. Among these choices are the following:

Liquidating retirement savings to meet financial obligations.

  • Taking out payday loans.
  • Borrowing funds from relatives or friends.
  • Using credit cards to obtain cash advances.
  • Making bad checks.
  • Selling creditor-protected assets.
  • Conducting fraudulent or unlawful activities.

Get back on track.

Bankruptcy is an intimidating and sometimes embarrassing word for people that are dealing with cumbersome debt levels. But there is absolutely nothing to be ashamed of when you are struggling and are not sure what else to do. 

By reaching out to an experienced financial attorney, you can begin the first step in getting yourself back on track. We can help guide you through the entire bankruptcy process whether that means restructuring your debt or discharging it all together.

Call today for a Free Consultation

When you’re in debt, it’s difficult to focus on anything else. But there are steps that you can take to get out of debt – even if your credit is damaged or your income has been cut off completely! Call our St. Charles bankruptcy attorneys at Westbrook Law Group to find out how to escape the shackles of debt and get relief in Missouri.

Our St. Charles bankruptcy attorneys can help.

There is no reason to lay awake at night tossing and turning, wondering how you are going to carry on under burdensome debt obligations. Contact our Troy or St Charles bankruptcy lawyer’s offices today for a free confidential financial evaluation. To help our clients rebuild credit after bankruptcy, we offer 720CreditScore.com’s credit program to all our clients free of charge!

Still not convinced? Read through our client testimonials or our reviews online to see how our top-notch financial lawyers helped residents of Missouri get out of debt. You can also learn more by reading our blog, bankruptcy FAQs, and other resources. Learn how to maintain your financial freedom after getting out of debt by creating a budget in 6 easy steps. And we serve people throughout Missouri including Lincoln County, Cole County, and Boone County.

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