By: St. Louis Bankruptcy Lawyer Frank Ledbetter
I've been a St. Louis bankruptcy attorney for 10 years, during which time I've filed thousands of bankruptcy cases for clients and stopped hundreds of Missouri foreclosure sales for clients in St. Louis City, St. Louis County, Jefferson County, St. Charles County, Franklin County, St. Francois County, and many other surrounding counties.
Homeowners in Missouri often have misconceptions about the Missouri foreclosure laws. Also, people often have misconceptions regarding bankruptcy. One misconception has to do with the effect it has on one's credit score. Generally, filing bankruptcy over time has the effect of increasing one's credit score rather than decreasing it. In one recent instance, I saw where an individual in a Chapter 13 bankruptcy case experienced a 40 point credit score increase in one and a half years after filing the Chapter 13 bankruptcy case. It is common for unpaid credit accounts to "fall off" a client's credit report during a Chapter 13 bankruptcy case, which in turn results in an improved credit score.
Sometimes homeowners facing a Missouri foreclosure sale are reluctant to file a Chapter 13 bankruptcy case because of a feared negative impact on their credit score. When facing a foreclosure sale in Missouri, filing for protection under Chapter 13 will not only stop the foreclosure sale, but over time if the client continues on in the Chapter 13 bankruptcy, it will result in an increased credit score, which in turn helps to reduce the interest rate for future debts, and which in turn will result in substantial future savings for financed goods.
For additional resources see:
http://www.youtube.com/bankruptcylawstl - YouTube
http://www.twitter.com/frankledbetter - Twitter
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