What Are Your Bankruptcy Options In St. Charles County?
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- What Are Your Bankruptcy Options In St. Charles County?
If you’re feeling overwhelmed by debt, you’re not alone. Many people in St. Charles County face financial hardship due to unexpected medical bills, job loss, or other life events. The good news? Bankruptcy may be a viable solution to help you regain financial stability.
At the Law Office of Erica R.S. Hunt, LLC, we guide individuals and businesses through the bankruptcy process with compassion and expertise.
As a St. Charles County bankruptcy attorney, I understand how stressful financial troubles can be. This blog will break down your bankruptcy options, helping you make informed decisions about your future.
Debt can feel like a never-ending cycle. Creditors keep calling, interest keeps piling up, and it seems like there’s no way out. But there are legal solutions designed to give you a fresh start. By understanding the different types of bankruptcy, you can take control of your financial situation and start rebuilding.
At the Law Office of Erica R.S. Hunt, LLC, we believe in educating our clients about their rights. Whether you’re an individual, a small business owner, or a family looking for relief, knowing your options is the first step toward financial freedom.
Chapter 7, or “liquidation bankruptcy,” is the most common option for individuals seeking to eliminate unsecured debt. It allows you to discharge:
● Credit card debt
● Medical bills
● Personal loans
● Certain utility bills
A bankruptcy trustee may sell non-exempt assets to pay creditors.
Many people qualify for exemptions, keeping their home, car, and essentials.
The process typically takes 3-6 months for a fresh start.
Best for those who:
If you’re unsure whether you qualify, a means test can help determine eligibility.
Chapter 13 allows individuals to reorganize debts into a manageable 3-5 year repayment plan. It’s ideal for those who:
● Have a steady income
● Want to keep their home or car
● Need time to catch up on missed payments
This option helps stop foreclosures and wage garnishments while providing financial stability.
For businesses in financial distress, Chapter 11 provides a way to restructure while staying operational.
Key Benefits:
● Stops creditors from seizing assets
● Renegotiates contracts and debts
● Keeps businesses running while restructuring finances
Though complex, Chapter 11 can help businesses recover instead of shutting down. Professional legal guidance is essential for a successful outcome.
Not all debts are dischargeable. While credit card and medical debts are usually forgiven, student loans, child support, and most taxes typically cannot be erased.
Bankruptcy will impact your credit score, but it can also be the first step toward rebuilding it. Many people see improvements within a few years by making responsible financial decisions.
It depends on your situation. Chapter 7 allows exemptions, while Chapter 13 helps you catch up on missed payments to avoid foreclosure.
Struggling with debt is stressful, but you don’t have to face it alone. At the Law Office of Erica R.S. Hunt, LLC, we are committed to helping individuals and businesses navigate the complexities of bankruptcy with confidence.
If you’re ready to explore your options, let’s talk. Contact us today to schedule a consultation with a St. Charles County bankruptcy attorney and take the first step toward financial relief.
