Bankruptcy Attorneys in Sunset Hills, Missouri
A bankruptcy petition may not seem like an ideal option for many, since it will stay on your credit report for a lengthy period of time. However, although it would indeed be harder to find credit while you are bankrupt, credit scores will still eventually improve. More importantly, the pros of a filing almost always outweigh the cons.
Trying to stop repossession, foreclosure, or even wage garnishment can also be quite a challenge. Having to pay back credit card bills, medical bills, and personal loans is not easy. Despite the stigma, filing for bankruptcy can actually allow you to have a fresh start with your finances.
If you are presently considering bankruptcy, it is best to consult with a trusted local attorney who can answer your questions about the legal process of filing bankruptcy. To know how you can successfully declare bankruptcy under Chapter 13, seek legal help from a credible and competent Missouri bankruptcy lawyer will gladly assist you with any legal matters concerning bankruptcies.
Doyel Law has years of extensive experience helping Missouri homeowners struggling with debt. We are knowledgeable with the different types of bankruptcy filings and the federal and state laws that must be taken into account. Contact us at 314-671-0959 or send us a message to speak with our bankruptcy lawyer in Sunset Hills today.
Seeking Legal Advice and Avoiding Crucial Mistakes
There are different types of bankruptcy that you may choose from, depending on your resources, eligibility, and objectives. Likewise, before you can declare bankruptcy, there are various bankruptcy rules and requirements that you must be aware of.
If you are considering bankruptcy, it is recommended to promptly seek legal assistance. Aside from helping you fill out bankruptcy forms and prepare the necessary supporting documents, a competent local attorney can explain in detail the entire bankruptcy process and relevant paperwork.
Seasoned bankruptcy attorneys will help document your eligibility to a bankruptcy trustee, who will then administer proceedings brought to court. Knowledgeable and well-trained Sunset Hills, Missouri bankruptcy lawyers can clarify what can be done to have certain types of debt (secured and unsecured debts) forgiven or discharged.
Additionally, your lawyer can help you go through the scheduled Meeting of Creditors and subsequent confirmation hearing. All these can be overwhelming, which is why getting reliable legal services is crucial.
Mike Doyel honed his legal skills helping a wide range of clients in matters ranging from bankruptcy to complex products liability and wrongful death litigation.
Bankruptcy Cases Under Chapter 7 or Chapter 13
If you are still unsure if it is best to file for bankruptcy, or if you have any concerns related to the bankruptcy procedure, hire the best attorneys who can explain the different bankruptcy types.
If you require debt relief and intend to file bankruptcy Chapter 7, you must first pass the bankruptcy means test, as specified by bankruptcy law. Here, if your monthly income and living expenses can prove your eligibility to file bankruptcy under Chapter 7, the trustee liquidates your non-exempt assets to pay off priority lenders.
Meanwhile, a Chapter 13 bankruptcy declaration is instrumental in restructuring overwhelming debts and bringing current payments for secured debts. Here, a debt repayment plan that will run for three or five years (as approved by the bankruptcy court) can help with avoiding foreclosure and repossession.
Filing bankruptcy helps debtors deal with financial problems. However, this entails the need to be familiar with relevant bankruptcy rules. Being mindful of what monthly payments you will need to make is key to maximizing the benefits of a bankruptcy petition.
Our experienced Sunset Hills bankruptcy attorney can understand the hesitation many people have when considering filing for bankruptcy. We can help you get basic information on the Bankruptcy Code and what to expect after bankruptcy.
Taking Chapter 13 Bankruptcy Petitions Seriously
Filing bankruptcy is something you need to think through. In a Chapter 13 bankruptcy, in particular, you are given the chance to restructure your overwhelming debts and bring current payments for secured loans.
For people who are struggling financially, considering bankruptcy could be the best (or even only) option for you. While recent tax debt, criminal fines and penalties, student loans, alimony, and child support are generally not dischargeable, other discharged debts through a bankruptcy declaration can enable you to repay other obligations on time.
During your repayment period of three or up to five years, you are protected by a federal court. For individuals who wish to keep their home, car, or similar properties used as collateral, this can be an ideal option. However, no two bankruptcy cases are the same. Exercising due diligence is necessary.
If you are facing financial difficulties and insurmountable debt, call our law office in Missouri. We have the knowledge and experience to effectively evaluate your specific situation and determine which type of bankruptcy would best suit your case.
Seeking legal assistance from a trusted local attorney is key to avoiding stressful proceedings.
When a Chapter 13 Petition for Bankruptcy Would Be Ideal
As mentioned above, filing for bankruptcy and proceeding with restructuring will enable you to bring current payments for secured loans. This can stop foreclosure or repossession of collateral, which is a common reason people opt to file for bankruptcy under Chapter 13.
If your monthly income is regular, you have not filed a Chapter 13 in the last two years (or a Chapter 7 in the last four years) and you have no previous bankruptcy petition that was dismissed for failure to appear in court, then declaring bankruptcy can be a feasible option for you. However, a low-income earner may not be qualified to file Chapter 13, or what is called the wage earner bankruptcy.
Once you have successfully filed for bankruptcy under this chapter, you would be given a repayment period of three or five years. Under pertinent bankruptcy rules, however, you must make consistent and regular monthly payments. This should be enough time to pay off most debts.
Our seasoned Sunset Hills bankruptcy attorney is known for his dedication to achieving the best results as fast and effectively as possible. He can provide personalized attention and help you have a successful bankruptcy declaration. Call our law office to schedule a consultation today!
Instances When a Chapter 7 Bankruptcy Proceeding Might Be Better
Formally submitting your bankruptcy petition is a key step to enjoy protection through the automatic stay. Under this form of bankruptcy protection, lenders and debt collectors are prevented from contacting or harassing you.
If you are looking into filing Chapter 7, you must first pass the bankruptcy means test before working on your bankruptcy forms and paperwork. Here, your monthly income and living expenses will be taken into account. If you pass, your bankruptcy trustee will then facilitate the meeting of creditors, sell your nonexempt assets, and pay creditors in a manner according to the bankruptcy code.
As previously mentioned, if you have a lot of assets, generally dealing with secured debt, or if it would be possible for you to pay back some of what you owe to your creditors, a Chapter 13 bankruptcy petition may be a better option for you.
However, for bankrupt individuals with a few assets and whose problem debts include credit card debts, medical bills, or payday loans, filing Chapter 7 may be more advisable. It is also often recommended for filers whose problem debts exceed two-fifths of their annual income and cannot, therefore, pay off debts even with extreme measures.
Doyel Law offers robust bankruptcy strategies but also provides non-bankruptcy strategies and legal services to stop foreclosure and resolve other complex financial issues.
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Seeking Legal Help for Liquidation or Reorganization
There are different types of bankruptcy that you may choose from, depending on your eligibility. Under each are different bankruptcy rules and requirements that you must be aware of before you can declare bankruptcy.
Promptly seek legal advice and discuss your finances and debt reorganization plans, if any. This is also a good chance to clarify what can be done to have certain types of debt forgiven, be allowed to repay secured and unsecured debts while retaining your assets, or both.
A hardworking and hands-on Sunset Hills, MO bankruptcy lawyer can answer your questions about the legal process of filing bankruptcy. Aside from helping you fill out bankruptcy forms and prepare the necessary paperwork and supporting documents, a good local attorney can comprehensively explain the entire bankruptcy process.
Doyel Law Group is recognized for its extensive experience and superior client service. The firm focuses on providing quality legal services across a broad spectrum, designed to meet the needs of its clients in Missouri and even beyond.
Working on a Chapter 13 Petition for Bankruptcy
Filing for bankruptcy and proceeding with restructuring will enable you to bring current payments for secured loans. This can stop foreclosure or repossession of collateral (such as your home, car, or other personal property), which is a common reason people opt to file for bankruptcy under Chapter 13.
If you filed for bankruptcy under this chapter, you would be given a repayment period of three or five years. Under pertinent bankruptcy laws, however, not everyone can proceed with filing Chapter 13.
Before declaring bankruptcy under this chapter, your monthly income must be regular, and your tax filings must be current. No Chapter 13 must have been filed in the last two years, no Chapter 7 filing must have been filed in the last four years, and no bankruptcy petition must have been dismissed in the last 180 days (for failure to appear in court). Additionally, the total secured debt must be less than $1,184,200, and the total unsecured debt must be less than $394,725.
At Doyel Law, we believe that trust and honesty are the hallmarks of an attorney-client relationship. We want to learn about you and have you learn about us. Only by learning your goals and problems can we work as a team to develop a plan for your financial peace. Start by calling us today.
Declaring Bankruptcy and Weighing Your Options
Many debtors look into filing a bankruptcy petition to be spared from collection calls from creditors and harassment from debt collectors. Availing bankruptcy protection can help make every day a little less stressful.
Every bankruptcy petition is unique. In general, however, the automatic stay can also help you stop wage garnishment and stop foreclosure or repossession of your home, car, or other personal property.
For one, a Chapter 13 petition for bankruptcy will allow you to restructure or reorganize your finances. Proceeding with restructuring enables you to bring current payments for secured debts. On the other hand, a Chapter 7 bankruptcy case will likely have your unsecured debts (such as personal loans, medical bills, credit card bills, and other loans with no collateral involved) forgiven or discharged.
If you are facing financial problems, promptly seek legal advice. Consumer bankruptcy can help an individual resolve debt under federal court protection, but it all depends on the filing chapter. A seasoned bankruptcy attorney in Sunset Hills, MO can help you decide on the best course of action to take.
Contact our Sunset Hills Bankruptcy Firm Today!
Before bankruptcy proceedings are finalized, it is best to have thorough discussions with your lawyer. Mike Doyel understands the challenges individuals and families face while struggling with debt and other legal issues.
There are a lot of myths about what your life will be like after bankruptcy. Seeking legal assistance is key to know which is fact from fake, and what concrete steps can help you improve your life after bankruptcy.
Whether it’s bankruptcy or other legal matters, our seasoned attorneys in Sunset Hills are here to help. Call (314) 671-0959 and get on the path towards rebuilding your future.
Our bankruptcy law firm in Missouri provides clients with a path toward a fresh start by taking steps to resolve overwhelming debt problems. At Doyel Law, we are here to help guide you through the process so that you can get the fresh start that you deserve.