St. Louis Bankruptcy Attorney Insights: Where to File for Chapter 13

 

I’ve observed that some people who are in a desperate attempt to keep current on paying

their monthly bills decide to use payday loans. The payday loan is a popular, but dangerous type of unsecured, short-term loan for those who are in need of funds and not able to obtain them from other methods.

 

In the past,  I was stunned once I started looking at the interest charges for payday loans.  Several of have been in excess of 600% annually.

 

Payday loan lenders usually require the deposit of a post-dated check at the time the financial loan is taken out.  The loan provider may cash it if the customer doesn’t pay back the loan promptly.

 

Sadly, in spite of the best of intentions, payday loan borrowers might be unable to pay off the loan promptly and become subjected to criminal charges for inadequate funds when the lender tries to cash their post-dated checks.

 

When you are thinking about taking out payday loans because you are otherwise struggling to pay off your debt on time, you owe it to yourself to consult a bankruptcy attorney first.

 

For additional resources visit:

http://www.stlouisbankruptcyattorneyhelp.com - website

http://www.stlouisbankruptcylawyerhelp.com - blog

http://www.twitter.com/frankledbetter - Twitter

http://www.youtube.com/bankruptcylawstl - YouTube

St. Louis Bankruptcy Attorney: Chapter 9, Chapter 12 & More

There are multiple types of bankruptcy such as Chapter 9, Chapter 11, Chapter 12, and Chapter 15.

 

How are they different? Chapter 9 bankruptcy is a type of bankruptcy for towns and cities. That's what it is designed for.  Chapter 11 bankruptcy is a complex form of bankruptcy which is seldom filed by individuals.  It is generally filed by corporations or limited liability companies, which reorganizeand continue business operations under the Bankruptcy Court's supervision.  The U. S. Supreme Court has ruled that Chapter 11 bankruptcy may also be filed by individuals including spouses filing jointly. However Chapter 11 is rarely the best bankruptcy choice for a non-business.

 

Chapter 12 bankruptcy is a form of bankruptcy only available to family farmers and commercial fishermen.  In this type of bankruptcy, the filer continues the business operations under the Bankruptcy Court's supervision, and receives a discharge of certain debts after completion of a Chapter 12 repayment plan.  Chapter 15 bankruptcy is a type of bankruptcy for corporations which have debts in foreign countries as well as the United States.

 

For additional resources see:

 

http://www.stlouisbankruptcyattorneyhelp.com - Website

 

http://www.stlouisbankruptcylawyerhelp.com - Blog

 

http://www.youtube.com/bankruptcylawstl - YouTube

 

http://www.twitter.com/frankledbetter - Twitter

 

St. Louis Bankruptcy Attorney Reviews: Creditor Myths

 

I never stop being astonished at the falsehoods about bankruptcy and its outcomes which I hear from people who don’t actually know much about it. It shouldn’t come as a surprise that your creditors, whose interests are the opposite of yours, might try to discourage you from filing bankruptcy.

 

As long as they are accurate in their assertions about bankruptcy, I’m all for them articulating their viewpoints. Sometimes, however, I have heard of creditors as well as their agents lying about bankruptcy and its consequences in an obvious attempt to keep individuals who owe them

money in financial debt.

 

Folks frequently feel that if they file bankruptcy they will be unable to obtain any credit for 10 years.

This is absolutely incorrect.

 

I've had many clients who have been able to obtain loans on new automobiles immediately after a Chapter 7 bankruptcy discharge. I have had a lot of customers who were able to acquire vehicle loans while in Chapter 13 bankruptcy also.

 

 

Clients frequently tell me they are deluged with charge card offers even prior to acquiring a Chapter 7 discharge. Even acquiring a new mortgage loan may be possible two years after finishing Chapter 7

bankruptcy and one year after filing a Chapter 13 bankruptcy.

 

I frequently hear journalists carelessly throwing around the word “bankrupt” just as if it means that an individual is virtually without assets. This is often not true.

 

I’ve had many clients obtain debt relief under Chapter 7 bankruptcy and Chapter 13 bankruptcy who held houses worth well over a quarter million dollars.

 

The truth is that a client who files Chapter 7 bankruptcy is able to retain their house if the client keeps current on the mortgage repayment and doesn't have more than $15,000.00 in equity in the home. The same principle relates to being able to keep a car, except the allowable maximum equity is $3,000 for any vehicle in Chapter 7 bankruptcy or $6,000 if the bankruptcy is filed jointly by spouses and both spouses’ names are on the car title.

 

My advice to individuals who are experiencing financial obligations they can’t afford to repay on time is to look into the truth about bankruptcy instead of listening to the creditor hype and press hype about it.

 

For additional resources see:

 

http://www.stlouisbankruptcyattorneyhelp.com - website

 

http://www.stlouisbankruptcylawyerhelp.com - blog

 

http://www.youtube.com/bankruptcylawstl - YouTube

 

http://www.twitter.com/frankledbetter - Twitter

St. Louis Bankruptcy Attorney Insights: Payday Loans

 

I’ve observed that some people who are in a desperate attempt to keep current on paying

their monthly bills decide to use payday loans. The payday loan is a popular, but dangerous type of unsecured, short-term loan for those who are in need of funds and not able to obtain them from other methods.

 

In the past,  I was stunned once I started looking at the interest charges for payday loans.  Several of have been in excess of 600% annually.

 

Payday loan lenders usually require the deposit of a post-dated check at the time the financial loan is taken out.  The loan provider may cash it if the customer doesn’t pay back the loan promptly.

 

Sadly, in spite of the best of intentions, payday loan borrowers might be unable to pay off the loan promptly and become subjected to criminal charges for inadequate funds when the lender tries to cash their post-dated checks.

 

When you are thinking about taking out payday loans because you are otherwise struggling to pay off your debt on time, you owe it to yourself to consult a bankruptcy attorney first.

 

For additional resources visit:

http://www.stlouisbankruptcyattorneyhelp.com - website

http://www.stlouisbankruptcylawyerhelp.com - blog

http://www.twitter.com/frankledbetter - Twitter

http://www.youtube.com/bankruptcylawstl - YouTube

St. Louis Bankruptcy Attorney Insight: Credit Card Debt

By Frank Ledbetter

St. Louis Bankruptcy Attorney - St. Louis, MO

 

Any time people become unable to pay their minimum monthly credit card payments on time, they may be influenced to use one credit card to help make payments on a different credit card in a frantic attempt to keep current on their charges. Sadly, paying credit cards using other credit cards may result in very quickly escalating debt.

 

I’m usually surprised at the large quantity of credit lines people can obtain on their credit cards. 

Usually when folks “max out” their credit cards they will have gotten themselves into an unsustainable debt situation where sometimes making the minimum monthly payments will leave them without the funds to pay for food, rent and additional necessities. When this occurs, individual bankruptcy could be the most suitable choice.

 

Most folks desire to pay their creditors entirely and on time, however I’ve noticed too many folks that get in above their heads by taking on just as much financial debt as the credit card issuers can give them. I’ve realized that the credit card issuers frequently give folks a lot more credit than they will be able to handle.

 

Credit card debt will rarely go away by itself. Even when a credit card provider writes off charges on an account, they'll most likely sell it off to another company who will then possess the right to collect on the balance.

For additional information, be sure to check out:

YouTube Channel:

http://www.youtube.com/user/bankruptcylawstl

Blog:

http://www.stlouisbankruptcylawyerhelp.com

Website:

http://www.stlouisbankruptcyattorneyhelp.com

St. Louis Bankruptcy Attorney Insight: Debt Relief Options

By Frank Ledbetter

St. Louis Bankruptcy Attorney - St. Louis, MO

If you’re struggling with debts, you want to be very careful before you sell or give away things you own before consulting with a bankruptcy attorney, particularly if you transfer those things for less than fair market value.

 

If you file Chapter 7 bankruptcy or Chapter 13 bankruptcy, you will need to disclose on your bankruptcy documents any things you owned which you sold or gave away during the two years prior to the filing of your case.

Further, in Missouri, if the sale or gift of the asset was within the last four years, the bankruptcy trustee may be able to void the transfer if it appears that the sale or gift was done to shield the asset from creditors.

If someone files bankruptcy in Missouri within four years of selling or giving away an asset, that asset may be subject to being recovered by the bankruptcy trustee and sold with the proceeds to be paid to the client’s creditors.

Sometimes, people get the notion that they may transfer an asset which might have more equity than the client would be allowed to have in the asset.  For example, they may think they may transfer a car with over $3,000 in equity to a friend or relative and that way prevent the trustee’s liquidation of the asset.

However, such a transfer would likely not allow the protection of the asset if done within the four years prior to the filing of bankruptcy.

Selling assets for fair market value may be permissible shortly before filing a bankruptcy in order to obtain money to pay living expenses, but it is always advisable to consult with a bankruptcy attorney before selling or giving away assets if  the person might need to file bankruptcy.

For additional information, be sure to check out:

YouTube Channel:

http://www.youtube.com/user/bankruptcylawstl

Blog:

http://www.stlouisbankruptcylawyerhelp.com

Website:

http://www.stlouisbankruptcyattorneyhelp.com

St. Louis Bankruptcy Lawyer: Debt Discharge Denials

 St. Louis Bankruptcy Lawyer: Discharge Denials

One important thing to be aware of if you’re struggling with debts is that if you incur debt after you first plan to file bankruptcy, that debt may not be dischargeable if you later file bankruptcy.   Bankruptcy was designed to give financial relief to those who incurred debt which they had planned to repay but due to illness, job layoffs, work hour reductions, other pay cuts, debt escalation due to accrued interest and other factors are no longer able to repay creditors on time. 

 

Someone thinking about filing Chapter 7 bankruptcy or Chapter 13 bankruptcy should not borrow money or use credit cards once they have made the decision to file bankruptcy unless it is a secured loan such as a car loan or a mortgage loan which the person plans to repay.  If you incur debt shortly before you file your  Chapter 7 bankruptcy or Chapter 13 bankruptcy case, particularly if the balance is several thousands of dollars of debt, the creditor may file a proceeding to deny discharge of that specific debt. 

 

An issue can exist if a creditor pursues denial of discharge of the debt .  Success depends on when the person first consulted with a bankruptcy attorney or bankruptcy lawyer about filing bankruptcy.  

 

Once a person decides to file bankruptcy he or she should stop using credit cards and not otherwise incur debt unless it is a car loan or mortgage loan which the person plans to repay and will be able to repay.