Is Bankruptcy Right for You? We Will Help You Decide.
When in dire financial straits, bankruptcy can be a useful tool to help stop the harassment from debt collectors and could even save your home from foreclosure. Choosing bankruptcy can help you achieve a fresh financial start and begin rebuilding your credit rating. At the law office of Palumbo & Schroeder, our lawyers have decades of experience helping clients make sense of bankruptcy.
There are various types of bankruptcy plans available. To find out what your situation qualifies you for, contact us today for a free initial consultation.
Which Chapter of Bankruptcy Is Right for You?
At your initial consultation, we will educate you on the options and determine what type of bankruptcy you qualify for. We will explain how you can benefit from Chapter 7 or Chapter 13 bankruptcy. Among the factors involved in determining what you qualify for are income, assets and the type of debt you have accumulated.
Chapter 7 bankruptcy is usually preferred because it provides an immediate discharge of your debts and only takes a number of months. Chapter 13 bankruptcy is an ongoing process that can take up to 5 years and involves making monthly payments while under the jurisdiction of the bankruptcy court.
What Will Be Required of You?
If you file for Chapter 7 bankruptcy you must follow a liquidation plan that consists of selling your unsecured assets to pay off debt. If you are a resident of St. Charles County, this will require at least two appearances in Bankruptcy Court.
For Chapter 13 bankruptcy, your plan will involve the creation of a payment plan to pay off your creditors. This will require at least two appearances in bankruptcy court as well as meeting with creditors. A hearing will be held to determine how debt is going to be repaid. For more information on your bankruptcy options, call 636-946-0303 now to discuss your situation with an experienced attorney.
Palumbo & Schroeder
2268 Bluestone Drive
Saint Charles, MO 63303
Telephone: 636-946-0303 | Fax: 636-946-1731