Finances are an integral component of daily life. While you might know someone or have heard of people “living off the grid,” it’s far more common for the average person in Missouri to maintain a household (either purchased or rented) that comes with the ongoing expenditures associated with everyday life. Financial challenges often arise, which can sometimes get out of hand and even become unmanageable. Filing a bankruptcy petition can be a valuable financial tool to help alleviate debt and restore financial stability.
Filing for bankruptcy can help you regain financial control
If you feel like your “financial train” has derailed, you might want to learn more about the various bankruptcy programs available to consider. For instance, a Chapter 7 petition is a means to create a “fresh financial slate” when medical debt, credit card debt or financial crisis spurred by divorce has caused significant financial problems.
Bring creditor harassment, foreclosure and other problems to a halt
Filing for bankruptcy can also be a solution to creditor harassment problems. If you’re being hounded by phone calls at home or at work, or have been threatened with foreclosure on your home, filing a petition in bankruptcy creates an automatic stay against all debt collection activities. A petition can also stop foreclosures, often creating enough time for the filer to work out a means to keep the family home
How to determine which bankruptcy program is right for you
Each debt relief program has its own set of eligibility requirements, which you must meet before filing a petition for bankruptcy. To determine if you qualify for a specific program, you’ll likely take a means test, which assesses your income level and other factors to determine whether Chapter 7 or Chapter 13 or another program best fits your needs. You may also request a meeting with Tarry Law Firm, L.L.C., in Missouri, to have an experienced bankruptcy law attorney review your case and provide guidance and support before you fill out an application.