Imagine sitting down to pay your bills. This isn’t something anyone looks forward to, yet it’s a fact of life. Everyone must pay for the essentials they need whether it be a roof over their head or utilities to keep a household running. When other debt is added to this picture, in the form of medical bills or other unexpected expenses, paying all bills can become harder. There may come a time when the debt becomes so overwhelming that the only choice remaining is to file for Chapter 13 Bankruptcy in Clayton.
Individuals needn’t feel ashamed of needing to file for bankruptcy. The goal of the process is to hep consumers reorganize debt, allowing him or her to pay back their obligations, using a schedule that works for their particular circumstances. A repayment plan is established to make the process easier, and the plan allows the consumer to pay off, reduce, or bring current his or her debts over a three to five year period. Not everyone qualifies for this type of Bankruptcy in Clayton, however.
To qualify for Chapter 13 Bankruptcy in Clayton MO, the consumer must go through a means test. The means test is designed to establish an amount the consumer can easily pay throughout this plan and determines the percent of unsecured debt that can be repaid during this time. Collection activities stop and consumers find they are often able to avoid foreclosure and repossession. Car payments may be reduced, non-dischargeable debt payments spread out, and non-dischargeable student loans handled. Many find this plan works to their advantage, allowing them to get their life back on track.
The Law Offices of Steven K. Brown Clayton takes pride in the services provided to the communities of Missouri, understanding things can happen to anyone, even with thorough financial planning. The attorneys at the firm utilize the Bankruptcy Code and the protections it offers to help those in trouble regain their financial foot so clients can move forward again with life. Thanks to the extensive experience of those at the law firm, clients feel comfortable, knowing their situation will be resolved in the shortest time possible. Although no one wants to file bankruptcy, sometimes it is necessary and the lawyers at this firm work to make it as painless as possible.
