When debts become unmanageable, it is imperative a person takes action so they do not begin to feel like they are drowning in their debt. Avoiding action can end up leading to further problems because debt collectors can often become aggressive. It is especially important individuals do not ignore their mortgage holders or they could end up losing their home due to foreclosure. Thankfully, there is a way homeowners can avoid losing their homes and other secured property. When debt becomes impossible to deal with, debtors can find relief by hiring a chapter 13 bankruptcy attorney in St. Louis County, MO.
Chapter 13 is meant to help debtors who have mostly secured debts. Because this bankruptcy prevents creditors from pursuing any further collection activity, it can be especially beneficial for those who are in danger of losing their home. It is imperative that homeowners act quickly because once the foreclosure process has begun, it can be more difficult to stop it.
To apply for chapter 13, individuals ned to schedule an appointment with the chapter 13 bankruptcy attorney in St. Louis County, MO. This appointment allows the attorney to determine if their client will be a good candidate for bankruptcy so they can overcome their debt and find financial freedom. The attorney helps their client draw up all of the paperwork and file it appropriately so their bankruptcy can be approved by the judge.
Once the bankruptcy is in effect, the individual is given a certain period of time to pay back the money they owe through a structured payment plan. This helps them to stay on track of their current bills while paying the payments in arrears they owe. As long as they are current on their payments when their bankruptcy ends, they will no longer be in danger of losing their home or other property.
If you are dealing with more debt than you can handle, it is vital you seek the help of an attorney. For more information on how an attorney can help you file for chapter 13, click here. With their aid you can keep your home and avoid further collection.
