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Is Your Situation Right for Filing Chapter 13 Bankruptcy in St. Louis County, MO?

Perhaps you’re behind on a couple of payments and are starting to feel the pressure from bill collectors. You can’t help but wondering about Filing Chapter 13 Bankruptcy in St. Louis County MO and if it’s right for you and your particular situation. Consider the below scenarios.

ON SOCIAL SECURITY WITH HIGH MEDICAL BILLS AND CREDIT CARDS

In a situation like this, it’s of first and foremost importance to know that no one can garnish your social security benefits. However, having said that, they can continue to send harassing emails, make harrowing phone calls and litter your mailbox with collection letters. Additionally, those seeking payments can file suit against you, requiring your appearance in court. But, filing chapter 13 over these type of matters with no real collateral doesn’t make sense. Instead, if consumers can afford the filing fees, chapter 7 bankruptcies would be better options.

ON SOCIAL SECURITY WITH HIGH CREDIT CARD DEBT AND EQUITY IN A HOME

If you own a home, chapter 13 is nearly always the best option. If you filed for chapter 7, there’s always the possibility they could sell off your home to pay your creditors. However, when Filing Chapter 13 Bankruptcy in St. Louis County MO, homeowners should be able to keep their home and pay back their creditors through an installment payback plan lasting anywhere from 3 to 5 years.

EXCELLENT CREDIT BUT HIGH MEDICAL BILLS

It seems odd a person with excellent credit would be contemplating a bankruptcy, but, when an illness or accident interrupts forcing unforeseen bills on a person, it can sometimes be an option. However, it should be a last ditch option. The best idea is to speak with the creditors and work out your own payment plan; then, keep it! If, on the other hand, you find yourself riddled with late payments and unable to pay off the bills, know that a bankruptcy would cover medical bills.

Whatever the issue is in your family, be sure to talk to an attorney first before making a decision. Check out Jerryhofflaw.com for more information on bankruptcy and its various forms.

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