Many people nowadays are finding themselves in serious debt. Owing more money than you have coming into your household can impact your personal and professional life in a devastating way. Rising interest rates, underemployment, underemployment, outsourcing, and inflation have all added to the increase of people seeking solutions to their financial problems. If you find yourself in this unfortunate situation, learn about Bankruptcy in St. Charles, MO. Filing for this legal status can help you make a fresh start in life.
Congress creates bankruptcy laws with the authority given by Article I, Section 8 of the United States Constitution. They have the power to pass laws that are egalitarian in nature. This means, the laws are supposed to be applied fairly and consistently to all people. However, all bankruptcy cases are governed by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, and local laws set forth by judicial districts. All federal bankruptcy cases are presided over by United States bankruptcy judges. This judicial officer decides who qualifies for this legal status. He also decides which debts, if any, can be discharged. Much of the process of a bankruptcy case takes place outside the courtroom, as a trustee appointed by the court manages these cases.
A person who wants a solution for being in debt can talk to a bankruptcy attorney. This attorney will talk to the debtor and review his debts. Sometimes, the attorney will give the debtor alternatives to filing for bankruptcy such as using a debt management service. When a person decides to file bankruptcy, he will need to decide which kind of Bankruptcy to file for in St. Charles, MO. Chapter 7 and Chapter 11 are the most common types of bankruptcies that many individuals file, with chapter 7 providing for liquidation and Chapter 11 relating to reorganization.
Filing for Bankruptcy in St. Charles, MO is not a decision that should be taken lightly. This legal recourse has many benefits, but it also involves commitment and adhering to federal regulations. By talking to a bankruptcy attorney, like the ones at Van Dillen & Flood P.C. St. Charles, MO, a person can assess the advantages and drawbacks of pursing this line of action. Getting a fresh start through bankruptcy can enhance your life and bring you the peace of mind you deserve. Browse website for more information.