ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7
There are many misconceptions about filing for bankruptcy in St Louis. Most of these come from the creditors themselves (they obviously have an incentive to try and convince you not to file). But many of the misconceptions originate as half-truths, and are then passed down from one person to the next (and with each successive re-telling, the story gets bigger and bigger). Below I’ll discuss the three most common misperceptions about bankruptcy that I hear:
- MY CREDIT WILL BE RUINED FOREVER IF I FILE FOR BANKRUPTCY. This is by far the most frequent reason I hear from people as to why they don’t want to file. Without a doubt, filing a St Louis bankruptcy is a big deal, and should not be entered into lightly (or without proper research and consultation with an attorney). But whole purpose of the bankruptcy is to put you in a better position than you are right now. Our own government describes it as a “fresh start / clean slate”. How is it a fresh start? All of your debts will be taken care of (either discharged altogether, or partially paid back). And within a year after filing, your credit score will bump up by about a hundred points (on average). Within a year and a half, you’ll see your score back up to what you want it to be.
- I’LL LOSE ALL OF MY ASSETS IF I FILE. Most people are very worried about having to turn over their vehicle or house if they file for bankruptcy. But the reality of the matter is that most cars and homes are never liquidated by the Bankruptcy Trustee. That’s because most cars and homes are “upside down,” meaning that there is no equity in the asset. Only when your asset has a good deal of equity does it become an issue.
- I DON’T WANT ANYONE TO FIND OUT ABOUT IT. The only people who will know about the fact that you file for bankruptcy are you, your attorney, the court, your creditors, and whoever else you might tell. It’s not posted somewhere for all to see. The fact that you filed will show up on a credit report for the next years, but the most important point to make regarding that fact is that all of the old debts that had been weighing down your score will be wiped out forever.
So as you can see, there is a lot of misinformation that gets spread around about this area of law. But that’s why it is so terribly important to speak with an experienced St Louis bankruptcy lawyer about your options and rights!!
The affordable St. Louis bankruptcy attorneys at The Law Office of Jennifer Alter-Rieken 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.