Why Choose Watton Law Group for Bankruptcy Relief in St. Louis
Watton Law Group has assisted the residents of St. Louis and throughout the Eastern District of Missouri in finding debt relief and filing for bankruptcy for more than 25 years. We have a team of professional bankruptcy attorneys with a breadth of experience—and an impressive track record to show for it—that can help you reach your financial goals. From start to finish, our qualified bankruptcy lawyers will remain committed to your success.
Our Bankruptcy Services for St. Louis Residents
Our St. Louis bankruptcy attorneys assist our clients with the following:
As a leading, nationally recognized bankruptcy firm, we have successfully resolved thousands of bankruptcy cases over the years. Our passion for helping our clients is the driving force behind our practice. If you are facing trouble in your finances, we urge you to contact our compassionate, capable attorneys as soon as possible.
Bankruptcy Explained: Options Available in Missouri’s Eastern District
Bankruptcy is a federal debt relief program that allows eligible individuals to discharge certain debts, reorganize others, and repay creditors under new terms. The most common bankruptcies for individuals are Chapter 7 and Chapter 13.
- Chapter 7 bankruptcy is the most popular type of bankruptcy for individuals, because it only takes a few months and discharges most general debts. It is important to note, however, that not all your debt is simply forgiven. Certain debts will be eliminated, while others will be paid by the liquidation (the sale or repossession) of some properties or assets. It is wholly possible to keep your home and car, however. Contact us to see how a Chapter 7 bankruptcy would affect you.
- Chapter 13 bankruptcy does not require liquidation. Instead, individuals have their debts reorganized into a three- to five-year repayment plan. Payments will vary on a case-by-case basis. When the repayment plan is complete, certain debts (such as medical debt) may be discharged. A major advantage of reorganization is that it allows debtors to keep their homes and cars, among other properties and assets.
At Watton Law Group, we are happy to assist clients throughout eastern Missouri with both liquidation and reorganization, as well as take the time to determine which is right for them. We offer no-cost, no-obligation consultations for prospective clients at our St. Louis office.
How Bankruptcy Provides Relief for St. Louis-Area Residents
Contrary to popular belief, bankruptcy does not clear all debts, but that does not mean that it cannot be greatly beneficial. For many, bankruptcy is the first step toward financial independence. It is, however, very important to have realistic expectations about what bankruptcy can and cannot do before you file for it.
Bankruptcy may result in the discharge of debts, such as:
- Medical Debt: Often unexpected, these debts can quickly accumulate.
- Credit Card Debt: One of the most common types of personal debt.
- Overdue Utility Bills: Essential services bills can also be alleviated.
- Personal Loans: Unsecured personal debts.
As mentioned, Chapter 13 will allow you to restructure some debts to avoid negative consequences. By restructuring mortgage debt, for example, you can keep your home and will often end up paying less than the full amount owed on the mortgage. An auto loan is another example of a debt that may be restructured.
