A Chapter 13 Lawyer in St. Louis Can Help Families Resolve Their Debt Problems

It can take years to settle the debt on a single credit card if the customer only pays the minimum payment every month. Recent regulations require credit card companies to inform consumers of how many months it will take them to pay off their balance making only minimum payments and the total amount they will have to pay. Most people avoid making such low payments because they don’t want to pay hundreds of dollars in interest charges. However, when their budget is restricted, this may be the only way to keep the credit card company from filing a lawsuit.

Fortunately, there is another way to resolve unmanageable debt. A chapter 13 lawyer in St. Louis could help a family that has an income but doesn’t make enough to pay all of their bills. Credit card debt can get out of control quickly when a family has a large unexpected expense. Without the additional income to cover the emergency cash outlay and pay the regular monthly bills, the family might have a difficult time catching up. Late fees can further add to the financial stress and may make it impossible to get out of debt without help.

A chapter 13 lawyer in St. Louis may help a family understand how bankruptcy can help them solve their problem. This type of debt relief doesn’t simply erase a consumer’s debts; instead, people who file for chapter 13 bankruptcy must make payments toward their bills every month. The payments are made to the trustee, who then determines how much will be sent to each creditors. While they are in bankruptcy, families don’t have to deal directly with their creditors at all.

Stlbankruptcyfirm.com offers a lot of valuable information for an individual or couple struggling to pay their debts. Learning about all the options available is an essential first step in the bankruptcy process. For some people, another option might be equally beneficial. For example, some families find, when they attend their mandatory credit counseling session, that debt settlement is a better solution for their debt problem. This solution may also be less expensive to the family and have a lower impact on their credit score.

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