It depends on which chapter of a St. Louis bankruptcy that you file. The two main chapter are a 7 and 13, both of which I will discuss in some detail below.
The most common form of bankruptcy is the St. Louis Chapter 7. This is usually described as a “straight discharge” of debt in which you unsecured obligations (such as credit cards, medical bills, payday loans, etc) are knocked out completely. Such a bankruptcy usually lasts (from start to finish) about three to four months. This timeframe covers the actual filing of the case, your 341 hearing, and your official discharge. From the Debtor’s point of view (when you file for bankruptcy, you are referred to as the “Debtor”), this process is pretty straight forward and simple. Your lawyer does all the legwork, and you just have to show up for one hearing at court (during which you answer a few “yes-no” questions).
The other main type of bankruptcy is a St. Louis Chapter 13. This form of bankruptcy is described as a repayment plan over the course of three to five years, during which you pay back certain debts (for instance, mortgage arrearage, car loans, tax debt, back child support, and possibly some of your unsecured debts as well). A monthly payment is set, and you make those payments to the Trustee (who then disperses the funds to the various creditors listed on your Missouri Chapter 13 plan). The shortest length of time you can be in a 13 is three (3) years, and the longest amount of time is five (5) years.
Both chapters of bankruptcy will stop things like wage garnishments, bank levies, lawsuits filed by your creditors, home foreclosures, car repossessions, and will put an end to any collection calls and letters. Both chapters will also make life a lot less stressful, because not having to deal with aggressive creditors and collection agencies can be incredibly difficult to say the least.
But making sure that you get into the type of bankruptcy that works best for your particular situation is also incredibly important (for you and your family). The affordable St. Louis bankruptcy attorneys at Brinkman & Alter, LLC have been helping people get through their rough financial times for over ten (10) years. Our goal is to put you on the road back to financial health by getting rid of your unwanted debt (while at the same time making sure that you keep all the assets you want to retain).
We have two locations: in the Central West End, at 1 North Taylor, St. Louis, MO 63108; and the Twin Cities of Festus / Crystal City, at 1000 Truman Blvd (Highway 61/67) 63019. The initial consultation is free of charge. So contact us today to learn more!!