Bankruptcy Overview

Bankruptcy Overview

Understanding Bankruptcy

At Markwell Law, we understand how easy it is to become emotionally drained and depressed by constant, daily phone calls and letters from creditors. Just when you feel you are secure with your financial situation, a tidal wave of bills and creditor notices can destroy your sense of security.  Is bankruptcy even an option?  The first step is understanding bankruptcy, what it is, what it is not, and how it can help.

As a dedicated bankruptcy attorney, I firmly believe in protecting your rights at every stage of your life — especially during harsh economic times. You have an absolute right to seek federal bankruptcy protection.

“Millions of people have filed for Chapter 7 and Chapter 13 bankruptcy protection. You are not alone. I will fight to protect your rights and look out for your best interests. Call me today at 636-486-1093 to arrange a free consultation.” — Attorney Charles “Guss” Markwell

Overview of Bankruptcy

In bankruptcy, a person or business may restructure debt payments or discharge debts. There are four major forms of bankruptcy, two that are limited to individuals (or married couples) and two that are primarily for businesses.

For individuals, the two basic types of bankruptcy are Chapter 7 and Chapter 13. These names arise from the chapters in the “Bankruptcy Code”. In Chapter 7, which is called “liquidation,” a debtor’s non-exempt property will be sold and his or her debts are discharged. In Chapter 13, which is called “debt adjustment,” a person’s debts can be paid off, in whole or in part, under a plan proposed by the debtor and approved by the court.

As soon as a debtor files bankruptcy, most creditors must stop trying to collect the money owed to them. A person is allowed to keep some property (called “exempt property”) even though he or she files bankruptcy. In Missouri, the major exemptions are $15,000 worth of equity in a house (or $5,000 if a mobile home), $3,000 worth of equity per person in a car, $3,000 worth of equity per person in household goods and furnishings, the cash value in life insurance policies up to $150,000 per person, certain pension and retirement benefits, and $3,000 of value in tools of the trade. These figures change regularly, however, and those used in this website should not be relied upon.

Silence Your Creditors

One of the most powerful benefits of Chapter 7 and Chapter 13 is the automatic stay. This legal tool basically prevents creditors from contacting you about any outstanding debts. With automatic stay protection, it is illegal for creditors to call, text, leave a voicemail or send letters. I am committed to protecting your rights and helping you obtain a fresh financial start. With years of bankruptcy law experience, I know how to use an automatic stay effectively.

Protect Your House

Bankruptcy protection provides a legal and ethical way to help avoid foreclosure. In most cases, Chapter 13 provides an effective avenue toward protecting your house. While Chapter 7 may not prevent foreclosure, other alternatives may be possible, depending on the amount of equity in the property. I can evaluate your financial situation and determine the best course of action.

Free Initial Consultations

If you are struggling to make ends meet, you need a diligent advocate in your corner. I am available to discuss your situation toll-free at 636-486-1093, or you can send me an e-mail. My office is located near the intersection of Highway 70 and Lake St. Louis Blvd. in O’Fallon, MO. I provide flexible office hours.

We are a debt relief agency.

We help people file for relief under the Bankruptcy Code.

The Choice of a lawyer should not be based on advertising alone.  Use of this Website does not create an attorney-client relationship.

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