There are two sides to every legal question. This is certainly true of bankruptcy and the process that individuals must go through to find an equitable solution. One path to be taken falls under the heading Chapter 7. For both debtors and creditors, expert legal advice is quite valuable. An experienced attorney can guide either party through what might otherwise seem like a maze.
This legal assistance can work for a creditor who is seeking payment of a debt or a debtor who needs the protection and structure of bankruptcy laws. For example, a business that has extended credit to an individual and is seeking to recoup the money may enlist help in collection efforts. An attorney may be able to stop the discharge of a creditor’s claim when the individual files for bankruptcy.
It’s essential for both debtors and creditors to understand that Chapter 7 in St. Louis, MO, as in many other locations, is commonly called liquidation bankruptcy. With income as the primary guideline, this method may allow the individual to fully discharge a debt. This allows the person to rebuild his or her finances from a fresh start.
Depending on a few basic guidelines, bankruptcy attorneys such as Van Dillen & Flood, P.C. may be able to stop or eliminate many types of debt. However, some debt, such as alimony and child support, cannot be discharged. If you are a debtor in a situation that does not allow you to pay your bills, you would be wise to consult with a legal professional about Chapter 7.
It’s possible you could get a fresh start on life, leave many of your current debts behind, and, if you’re fiscally responsible, have the future you imagine. Whether you’re a creditor or a debtor, contact a bankruptcy attorney today to learn more.