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How Can Individuals File Chapter 13 Bankruptcy in St. Louis MO?

There are many reasons that can cause a person to begin sinking into debt. Although improper planning is sometimes a reason, unexpected issues such as the loss of a job or a severe injury or illness can commonly cause a person to begin losing control of their finances. It can be especially difficult to face the collection measures of a mortgage company when one has worked so hard to keep their home. Those who find themselves in danger of losing their home can find help with Chapter 13 Bankruptcy St. Louis MO.

Chapter 13 stops all types of collection activity so a person can keep their home and property and work towards getting current on all of the debts they owe. It is important one meets with an attorney as soon as possible, to learn about their options for Chapter 13 Bankruptcy St. Louis MO. While most people qualify, there are a couple of things one needs to keep in mind. The current debt limit for chapter 13 is $394,725 for unsecured debt and $1,184,200 for secured debt. One must be able to prove they can rightly pay their restructured payment plan each month.

It is important a person lists all of the debts they owe so they can be added to the bankruptcy decree when filing for chapter 13 bankruptcy in St. Louis, MO. An attorney will help a client with this process to ensure the paperwork is properly filed. A person will be required to make monthly payments to ensure their debts are paid off at the scheduled time. Most people are given between three and five years for their bankruptcy and once it is in effect, all collection activity and contact must immediately cease.

Consulting with an attorney can allow a person to better understand their rights and the process they must go through to file for bankruptcy and get out of debt. If you would like further information on bankruptcy, contact the law office of Van Dillen & Flood P.C. They can help you overcome your debt so you can achieve a brighter financial future and be free of stress.