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Bankruptcy: The Restart You May Need
Have you recently experienced a job loss or health issues? Do you have accumulating debts that are quickly becoming out of control? Shifts in the economy and changes in health conditions are two things that may be beyond your control. You may be in need of a fresh start if you feel as though there is no way out from your current debts, or escape from your current financial situation.
Bankruptcy is one option to discharge your debt and get you the fresh start you need. For more than 25 years, lawyer Scott Harness has been helping people in Missouri get a fresh start on their finances through the bankruptcy process. Feel free to reach out to Scott for a personal consultation. We will find a time and place that will work best for you, and you won’t be disappointed.
Which Type Should be Filed?
Bankruptcy brings a fresh start, but it isn’t an easy fix or one without worries. Can you keep your house? Your car? Avoid wage garnishments? How much of your property or assets might you have to sell? How long will the process take? How will it affect your credit report? A good lawyer can help you decide which type is right for you and your situation and work to leave as little impact as possible for your future.
Most people who file for bankruptcy do so under Chapter 7 or Chapter 13 bankruptcy, but there are multiple differences between the two.
Essentially, Chapter 7 bankruptcy is the process of liquidation, where your existing assets (except for some property designated as exempt) are liquidated and used to pay off as much debt as possible. Afterward, the rest of your debt is discharged. Chapter 7 can be finished in just a few months – a relatively quick process.
Meanwhile, Chapter 13 bankruptcy takes longer, but it is a process that allows you to restructure your debt both so you can pay it off over time and be protected from harassment by creditors. This type usually takes between three and five years. It is a longer process where you have monthly payment commitments, but you can keep your property.
Take a Step to a New Start
At an initial review, we can discuss and decide which chapter(s) you would be eligible to file for as well as which would be ideal for your situation. Please call Scott at 573-303-3015 or email him for an individual, private consultation with no obligation or pressure. Even if you choose another lawyer, we are certain you will gain knowledge from our conversation and be able to determine the best path to move forward. We are a debt relief agency that helps people file for bankruptcy under the Bankruptcy Code.