ONLY $675 ATTORNEY FEES FOR A ST LOUIS CHAPTER 7
If you file a St Louis bankruptcy, all creditor activity comes to a complete and total halt (it’s as if they hit an immediate brick wall in their attempts to collect on the debts that you owe). So if a creditor has already filed suit against you, then the bankruptcy petition will stop the creditor from doing anything with it. Or if the creditor is only threatening a lawsuit against you, the filing of the bankruptcy will prevent it from moving forward.
When you take out a debt (like a credit card), but you stop making payments towards the balance, then eventually the creditor will sue you in state court for breach of contract (or the collection agency that takes over the debt will on the original creditor’s behalf). If the creditor receives a judgment in its favor (and it almost always does), then it may execute upon that judgment in one of three main ways:
- It can garnish your wages (up to 25% of your net earnings each pay period, or 10% if you are able to claim Head-of-Household status)
- It can assert a levy upon your banking accounts (checking or savings); this is commonly referred to as a “checking account freeze” (and if this happens, you will not be able to withdraw any funds from your accounts, because whatever balance in the account will be delivered to the creditor)
- It can assert a lien against your property (most of the time, it would be a piece of real estate); if this happens, then when you try and sell your house this new lien would have to be paid off before the sale can go through
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But even all of these things happen as a result of the creditor’s lawsuit against you (wage garnishment, bank levy, and lien), a St Louis bankruptcy will put an end to them. Or in the alternative, if a bankruptcy is filed before the creditor receives a judgement from the lower court, then the creditor is barred from moving forward with a lawsuit against you (because the underlying debt that you owe the creditor will be taken care of by the bankruptcy court).
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.