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The Best Debt Relief Lawyer In St. Louis MO Can Stop Wage Granishments And Creditor Harassment

Bankruptcy has been established by Congress for people who are burdened with debt they can never repay. Bankruptcy is established to stop wage garnishments, bank account levies and other harsh actions by creditors. Once your attorney files a bankruptcy petition for you, creditors can no longer call you, and wage garnishments must stop. All action by creditors must go through your attorney who will speak for you, and he will handle all of these problems.

There are two types of bankruptcy available. Chapter 7 results in a complete discharge of all unsecured debts such as credit cards and medical bills. Car loans and mortgages may be renegotiated by your attorney, but you should expect to pay these in the amount agreed. Chapter 13 allows you to pay a reduced amount to your creditors for 3 years, and then the balance is discharged by the court. The Best Debt Relief Lawyer In St. Louis MO is the lawyer to explain these two options in detail since many aspects of these options need to be fully understood.

The family home is secure because it is not subject to the bankruptcy process unless the home has substantial equity which could be used to pay creditors. An example is a home with a value of $500,000 and a mortgage of $100,000. The court would likely force the sale of the home so the equity can be used to pay creditors. Another example would be an old car with a substantial value. The car would have to be sold.

Some assets are exempt from being sold, but each of these should be discussed with your attorney. Company retirement accounts are exempt. but a savings plan you established with money management company probably will not be exempt. The Best Debt Relief Lawyer In St. Louis MO can advise you about the disposition of these types of accounts during your first meeting which is always free.

The Bankruptcy process requires you to completely disclose all of your assets and debts. A trustee will be appointed by the Bankruptcy Court to oversee the process and to make decisions about the disposition of assets with a high value. The bankruptcy process will free you of all of your financial problems so you can begin life again with a new financial start. Get more INFO reading our post.

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