The realization that you have gone bankrupt can hit you like a truck on the highway. It’s a moment for deep thought and self-reflection, and you need to focus long and hard about the fiscal mistakes that you have made in the past. However, all is not lost. The law gives you two options for declaring bankruptcy: chapter 7 and chapter 13. The Chapter 7 option wipes out all previous debt, such as outstanding credit card bills, utility payments, student loans, etc. But, the court will then keep all of your money and assets and will set a specific repayment plan for you. On the other hand, chapter 13 allows you to come up with a repayment plan that suits your personal wishes and needs. If you have decided that you want to declare yourself legally bankrupt, you need to get in touch with a professional lawyer.
What Can a Lawyer Do?
A lawyer that specializes in handling cases pertaining to bankruptcy in St. Charles, MO can prove to be a wealth of knowledge and assistance. Apart from helping you fill out applications and relevant documents, your lawyer will also inform you about the different things that you need to do to further strengthen your case. Local law firms such as Van Dillen & Flood, P.C have lots of experience in handling such cases. Your lawyer will also confer with your creditors to come up with a repayment plan that suits both parties.
What Happens Next?
Your life is going to change dramatically after you file for bankruptcy. You can’t apply for loans, and common essentials such as credit cards will no longer be given to you. Therefore, you will have to make some important changes in your life so that you can prove to the courts that you are rehabilitating yourself financially.