{"id":2692,"date":"2022-03-01T11:30:19","date_gmt":"2022-03-01T11:30:19","guid":{"rendered":"https:\/\/doyellaw.com\/?page_id=2692"},"modified":"2023-01-18T02:09:13","modified_gmt":"2023-01-18T02:09:13","slug":"chapter-13-bankruptcy-eligibility-2","status":"publish","type":"page","link":"https:\/\/doyellaw.com\/chapter-13-bankruptcy-eligibility-2\/","title":{"rendered":"Are You Eligible for Chapter 13 Bankruptcy?"},"content":{"rendered":"\t\t
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Bankruptcy Attorneys in Sunset Hills, Missouri<\/span><\/h2>

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A <\/span>bankruptcy petition<\/b> 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.<\/span><\/p>

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Trying to stop repossession, foreclosure, or even wage garnishment<\/a> 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<\/a> can actually allow you to have a fresh start with your finances.<\/span><\/p>

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If you are presently <\/span>considering bankruptcy<\/b>, 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 <\/span>Missouri bankruptcy lawyer<\/span><\/a> will gladly assist you with any legal matters concerning bankruptcies.<\/span><\/p>

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Doyel Law has years of extensive\u00a0 experience helping Missouri homeowners <\/span>struggling with debt<\/b>. 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.<\/span><\/p>

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Seeking Legal Advice and Avoiding Crucial Mistakes<\/span><\/h2>

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There are <\/span>different types of bankruptcy<\/b> 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.<\/span><\/p>

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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 <\/span>bankruptcy process and relevant paperwork<\/b>.<\/span><\/p>

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Seasoned bankruptcy attorneys will help document your eligibility to a <\/span>bankruptcy trustee<\/b>, 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) <\/span>forgiven or discharged.<\/b><\/p>

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Additionally, your lawyer can help you go through the scheduled <\/span>Meeting of Creditors<\/b> and subsequent confirmation hearing. All these can be overwhelming, which is why getting reliable legal services is crucial.<\/span><\/p>

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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.\u00a0<\/span><\/p>

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Bankruptcy Cases Under Chapter 7 or Chapter 13<\/span><\/h2>

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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.<\/span><\/p>

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If you require debt relief and intend to file bankruptcy Chapter 7, you must first pass the <\/span>bankruptcy means test<\/b>, 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.<\/span><\/p>

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Meanwhile, a Chapter 13 bankruptcy declaration is instrumental in restructuring overwhelming debts and bringing current payments for secured debts. Here, a <\/span>debt repayment plan<\/b> that will run for three or five years (as approved by the bankruptcy court) can help with avoiding foreclosure and repossession.<\/span><\/p>

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Filing bankruptcy helps debtors deal with financial problems. However, this entails the need to be familiar with relevant <\/span>bankruptcy rules<\/b>. Being mindful of what monthly payments you will need to make is key to maximizing the benefits of a bankruptcy petition.<\/span><\/p>

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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 <\/span>Bankruptcy Code<\/span><\/a> and what to expect after bankruptcy.<\/span><\/p>

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Taking Chapter 13 Bankruptcy Petitions Seriously<\/span><\/h2>

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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.<\/span><\/p>

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For people who are <\/span>struggling financially<\/b>, 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.<\/span><\/p>

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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.<\/span><\/p>

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If you are facing <\/span>financial difficulties<\/b> 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.<\/span><\/p>

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Seeking legal assistance from a trusted local attorney is key to avoiding stressful proceedings.<\/span><\/p>

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When a Chapter 13 Petition for Bankruptcy Would Be Ideal<\/span><\/h2>

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As mentioned above, filing for bankruptcy and <\/span>proceeding with restructuring<\/b> 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 <\/span>file for bankruptcy under Chapter 13<\/span><\/a>.<\/span><\/p>

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If your <\/span>monthly income<\/b> 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 <\/span>wage earner bankruptcy<\/b>.<\/span><\/p>

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Once you have successfully filed for bankruptcy under this chapter, you would be given a <\/span>repayment period<\/b> 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.<\/span><\/p>

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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!<\/span><\/p>

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Instances When a Chapter 7 Bankruptcy Proceeding Might Be Better<\/span><\/h2>

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Formally submitting your bankruptcy petition is a key step to enjoy protection through the <\/span>automatic stay<\/b>. Under this form of bankruptcy protection, lenders and debt collectors are prevented from contacting or harassing you.<\/span><\/p>

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If you are looking into <\/span>filing Chapter 7<\/span><\/a>, 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.<\/span><\/p>

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As previously mentioned, if you have a lot of assets, generally dealing with <\/span>secured debt<\/b>, 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.<\/span><\/p>

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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.<\/span><\/p>

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Doyel Law offers robust bankruptcy strategies but also provides non-bankruptcy strategies and legal services to stop foreclosure and resolve other complex financial issues.<\/span><\/p>

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