Located in St Louis, MO 314-446-6483
Bankruptcy
I Will Ensure That Your Needs are Met
Chapter 7 is a liquidating bankruptcy. In Chapter 7, the court appoints a trustee who will determine whether or not you have any property which you may take and sell to pay your creditors. In most cases of Chapter 7, however, the property is typically exempt from being taken by the trustee. With secured debts, the collateral can be given back to the lender with no further indebtedness owed. You could also keep your collateral and continue paying for it. This is called reaffirming a debt. You must be current on most secured debts in order to keep the collateral. Almost all unsecured debts can be discharged. Please understand that every Chapter 7 case is unique, and I will try my best to make sure that your individual needs are met.
I'm in the Business of Helping You!
Chapter 13 is a reorganizing bankruptcy. In this bankruptcy, you are paying your creditors out of future earnings, not out of your property. You make a monthly payment, and you pay the minimums for 36 months to a maximum of 60 months. The trustee will pay your secured debts with an interest rate included, and it will likely be lower than your current interest rate. You may or may not be required to pay anything to your unsecured creditors depending on your specific circumstances. Chapter 13 is best for those that have equity in their property, who are behind on secured debts or those that have debts, which are not dischargeable. It also helps those that are not eligible for Chapter 7.
Call me today for all of your bankruptcy needs!
314-446-6483
John Caraker is an established, experienced attorney. I can help you with anything you might need, including wills, probates, taxation, traffic violations and much more. My education is extensive as well as my experience in the legal field dealing with all sorts of legal matters. You can trust that I will always make sure that you are taken care of.