What Bankruptcy Can—and Cannot—Do
In the simplest terms, filing for bankruptcy allows individuals to regain financial control. Depending on the type of bankruptcy filed, this may mean the total discharge of most or all debts, or it may involve the restructuring and repayment of debts over a specified period of time.
Some examples of different types of debts that may be discharged via bankruptcy include:
- Credit card debt
- Medical bills
- Personal loans
- Past-due utility bills
In a reorganization bankruptcy, you may be able to restructure certain secured debts, such as real estate mortgages and auto loans, allowing you to make more manageable monthly payments and catch up on overdue or past-due payments.
However, generally bankruptcy does not eliminate or allow for the restructuring of all financial liabilities.
- Child support payments
- Spousal support (alimony) payments
- Most student loans and tax debts
- Fines and payments associated with criminal legal proceedings
- Court-ordered payments for personal injury or death caused by drunk driving
Learn How Watton Law Group Can Help
Navigating the process of filing for bankruptcy can be extremely overwhelming, but Watton Law Group is here to help. We are committed to providing our clients with the personal attention and support they deserve, as well as the information they need to make empowered financial decisions. We can assist you with all aspects of filing for bankruptcy and debt relief, from determining whether this is the right option for you to identifying the most beneficial form of bankruptcy based on your situation. We also regularly help clients with related matters, such as debt lawsuits, foreclosure, vehicle repossession, class actions, creditor harassment, and more.
We invite you to reach out to our Missouri bankruptcy attorneys today to learn more. We offer complimentary bankruptcy evaluations and free consultations to all new and prospective clients.
Contact us today by filling out and submitting a secure online form.