People who have never found themselves in dire financial straits have no idea what life can be like when there’s lots of debt and no money to pay those obligations. After trying all sorts of self-help strategies and realizing that things are only getting worse, it pays to seek some type of legal debt help in St. Louis, MO. Here is what an attorney can do to help the client figure out what to do next.
A Fresh Look at the Situation
Struggling with debt for an extended period of time tends to have a negative impact on perspective. After some time, there is no way the debtor can step back and objectively look at the situation. What’s needed is a third party who can assess the situation without the emotional investment that the debtor currently deals with. In some cases, the assessment by that third party will uncover ways to deal with the debt without taking legal action. When that is the case, the debtor has the chance to regain control of the finances and eventually pay all of those obligations.
What If There’s No Way to Pay the Debt?
There are times when the ratio of debt to income makes it impossible to honor those obligations. At that juncture, the best approach is to see a lawyer about debt help in St. Louis, MO in the form of personal bankruptcy. The lawyer will administer what’s known as a means test. The results will often indicate the client is a candidate for some type of personal bankruptcy.
With the aid of legal counsel, it’s possible to determine which kind of personal bankruptcy would be prudent. A chapter 7 bankruptcy can be completed in a matter of months and leave the client debt free. When this approach is not possible, a chapter 13 places the client under the protection of the court and allows for the repayment of the debt over a period of three to five years. Any debt remaining at the end of that period is discharged.
There are ways to deal with what seems to be an impossible amount of debt. Visit Stlbankruptcyfirm.com today and arrange to speak with a lawyer. The solution may be quicker and easier than you think.
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