With the large number of Missouri citizens facing financial difficulties, many of these individuals and families have decided filing a bankruptcy may be a way to regain control of their finances. The Bankruptcy Code has been revised in the past few years, and whether one is eligible to file for Chapter 7 or Chapter 13 is best determined after speaking with an experienced bankruptcy attorney.
At our office, attorney Gordon K. Rea provides advice and counsel to clients who are exploring their options for dealing with financial issues. Filing for Chapter 7 or Chapter 13 bankruptcy protection may be right for you. However, Mr. Rea can review your situation and help you choose between bankruptcy and debt consolidation.
To schedule your free initial consultation to have your bankruptcy case reviewed by attorney Gordon K. Rea, you may call 314-450-7860 or e-mail us.
Chapter 7
Our firm handles Chapter 7 bankruptcy filings. Also known as the "fresh start" or liquidation bankruptcy, Chapter 7 allows debtors with few assets to have most or all of their unsecured debt discharged. By doing this, debtors are able to begin anew without debt. To qualify for Chapter 7 bankruptcy, you must pass the means test. The means test is a calculation based on you income and your expenses and where you fit within the median income levels in Missouri.
Chapter 13
Through Chapter 13, you create debt repayment plan lasting between three and five years. Some of the debts may be reduced or "crammed down," and a percentage of unsecured debt can be discharged. Chapter 13 filings are often used by those who have fallen behind in the mortgage payments and may be subject to foreclosure. They need the breathing space offered by the Chapter 13 to cure these arrears and regain their financial footing.
We can also advise on issues pertaining to:
For more information about bankruptcy from an experienced lawyer, contact us today to schedule your free initial consultation. Our office accepts all major credit cards. We are accessible from Highway 64/40, 44 and I-170 in St. Louis, Missouri, and we offer free parking for our clients.
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
Copyright © 2010 by Gordon K. Rea Mediator, Attorney & Counselor at Law. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.