Learn about the Advantages of Consumer Bankruptcy
Experienced Bankruptcy Attorneys in Springfield, Missouri
As the economy in Missouri and the rest of the United States declines, more and more individuals and their families are faced with rising debts, credit card bills, medical bills, car repossessions and home foreclosures. When you are facing tough financial problems, you may be worried about losing your home, your car and other assets through foreclosure or repossession, you may be looking for a way out from under the burden of debt.
At RGG Law, our lawyers provide debt relief and a fresh financial start to our clients through Chapter 7 or Chapter 13 bankruptcy protection. Bankruptcy is a viable option for practically every individual, and can help people eliminate debt, and, in some cases, help people keep their homes and other properties. At RGG Law, we can help you understand bankruptcy law and advise you on the best option for your situation.
If you are faced with these difficult financial issues and are looking to improve your future, contact us at RGG Law and speak with a bankruptcy attorney about what Chapter 7 or Chapter 13 bankruptcy can do for you.
Chapter 7 vs. Chapter 13 Bankruptcy
Chapter 7 and Chapter 13 bankruptcy each have their own advantages and disadvantages, depending on your particular financial circumstances.
In Chapter 7 bankruptcy, individuals may discharge their unsecured debt, which includes credit card bills, medical bills and the remaining debt left after a foreclosure or repossession. Chapter 7 bankruptcies are typically quick and efficient, lasting approximately 5 months; for those who are unable to make minimum payments, Chapter 7 can be the best way of getting rid of debt. A Chapter 7 bankruptcy does not involve any repayments as long as the individual does not own property with a high equity value, the individual also will not lose any property by filing bankruptcy. Instead, a Chapter 7 often involves just a straight cancellation of debt. Individuals must qualify for Chapter 7 bankruptcy through a means test and Chapter 7 bankruptcy cannot discharge some types of debt, including most tax liability and student loans.
In Chapter 13 bankruptcy, individuals set up a payment plan with their creditors allowing them to pay a portion of their debts over a period of time. The bankruptcy court will examine a debtor's income and expenses, and arrive at a plan that allows the individual to still afford their necessary expenses each month. After the repayment period is over, the remainder of the debt is cancelled. Chapter 13 bankruptcy is a great option for people who want to hold onto their homes, have unprotected equity from assets or do not qualify for Chapter 7 bankruptcy protection.
Learn more about Chapter 7 and Chapter 13 bankruptcy by calling us at RGG Law. We will advise you on your best options and help you to understand if bankruptcy is in your best interests. Contact us at our Springfield, Missouri office today.
