Unfortunately, financial problems are a part of life. For some, these problems are very minor and they can be handled quickly and easily. For others, the problems are much more serious. When a person is in serious financial trouble, their only option may be to file for bankruptcy. But before they do so, they should contact a bankruptcy law firm in St. Louis, MO for legal advice.
Realistic Assessment of the Situation
When a person is having financial problems, they may not really be sure about how much trouble they are in. For some people, bankruptcy is the best option. For others, speaking with a credit counselor is all they need. A bankruptcy lawyer can look at the person’s situation and let them know the best way to go.
Chapter 7 or Chapter 11
There are two different types of bankruptcy that an individual can file. Chapter 7 releases all unsecured debt, and chapter 11 gives them more time to pay. The type of bankruptcy that would work best for a person would depend on their situation. A bankruptcy lawyer would be able to tell the individual which type of bankruptcy would benefit them the most.
To file for bankruptcy, a great deal of paperwork needs to be filled out. Most of the wording in the paperwork can be very complicated. If something is not filled out properly, the bankruptcy can be denied or held up. A bankruptcy lawyer has experience with this paperwork, ensuring that it will be completed correctly the first time.
Lots of Hoops to Jump Through
There is much more to filing for bankruptcy than just filling out a few forms. There are plenty of things that the individual needs to do during the bankruptcy process to have it approved in the end. A bankruptcy lawyer has plenty of knowledge regarding the entire process. Because of this, they can walk the individual through the whole process step by step.
Negotiate with Creditors
If a creditor is disputing the amount of a discharged debt, a bankruptcy lawyer can help. They are trained in negotiation tactics, helping the individual get the best outcome possible.
Before a person files for bankruptcy, they should seek advice from a bankruptcy law firm in St. Louis, MO. For more information, visit Stlbankruptcyfirm.com.