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St Louis Bankruptcy: What Is The Difference Between A Chapter 7 And A Chapter 13?

ONLY $300 UPFRONT ATTORNEY FEES FOR A ST LOUIS CHAPTER 13

The biggest difference between the two chapters of bankruptcy is that a St Louis Chapter 7 is a straight discharge of unsecured debts (like credit cards, medical bills, and payday loans), and a St Louis Chapter 13 is described as a repayment plan over the course of three (3) to five (5) years (during which certain debts are paid back). But there are a lot more differences between the two than just this. Below is a brief description.

Even assuming you qualify for a Chapter 7 (which depends almost entirely on whether or not you are above or below the median income level for your particular household size), it sometimes makes more sense to file a Chapter 13.

For instance, if you are facing a home foreclosure (and you want to keep your house), or if your car was repossessed (and you want to get it back), or if you have tons of student loans (and can’t afford to make the minimum payments that the government is requiring that you make each month), then a Ch13 will make more sense.

$675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7 BANKRUPTCY

But there are other important differences between the two chapters.  In a nutshell, the repayment plan of a Missouri Chapter 13 allows you to pay off certain debts over a period of several years. Those debts would include: arrearage on a home mortgage (i.e. what you’ve fallen behind on the loan); car loans; back child support; tax debts; and sometimes a portion of your unsecured debts.

In a Chapter 7, your St Louis bankruptcy lawyer will help guide you towards a straight discharge of your unsecured debts (such as credit cards, medical bills, payday loans, etc.). But just as important is making sure that your assets (like a home, a car, a lawnmower, or even a bank account) are protected. This is done by way of your attorney making use of certain exemptions that the court allows. These exemptions protect the assets from the Bankruptcy Trustee from taking your belongings.

LET US HELP YOU TAKE CARE OF YOUR DEBTS!!

We have two locations: in the Central West End of St. Louis, at 1 North Taylor (on the corner of Taylor and Laclede), 63108; and in the Twin Cities of Festus / Crystal City, at 1000 Truman Blvd (Highway 61/67), 63019. The initial consultation to discuss your debt related issues is free of charge. So contact us today to learn more!!

The affordable St. Louis bankruptcy attorneys at Brinkman & Alter, LLC have been saving and protecting people’s assets for years. Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you. All phone conversations and office consultations are free of charge.