Many times, when you have financial difficulties, you can work those difficulties out with a loan, speaking with your creditors, or adjusting your budget. However, when you have situations that simply can’t be worked out, the other option that may be available to you is filing for bankruptcy. The chances are that if you live in the St. Charles, Missouri, area, you’re not going to have a hard time finding a bankruptcy lawyer to represent you. However, you need to understand when you can work out your financial difficulties on your own and when it’s time to consult a bankruptcy lawyer in St. Charles, MO.
If your debt is at a level beyond your ability to compensate for with an extra job or an adjustment in your budget, it may be time to speak with a bankruptcy lawyer. One of the reasons for this is that creditors can go after you through the civil court process. Creditors can sue you and, in many cases, they could be successful in obtaining a judgment against you.
Judgments can mean many different things, depending on your financial situation. In some cases, the courts can execute these judgments by seizing property, putting liens on various assets and, sometimes, garnishing your wages and freezing your bank accounts. Even if you are judgment-proof, meaning that you have no property or the exceptions with your assets are such that there is nothing to seize or levy, judgments will still adversely affect your credit rating.
In addition, judgments can extend up to 20 years. If you were to purchase a home or if you were to pay off a vehicle, a creditor could still try to enforce the judgment for up to 20 years. Fortunately, when you speak to a bankruptcy lawyer in St. Charles, MO, and you get the ball rolling on your bankruptcy, these judgments not only cease but, from a legal standpoint, they can be erased.
These are the types of issues you want to bring up when you speak with a bankruptcy lawyer in St. Charles, MO. If you need more information about what bankruptcy can do and how it may be able to help you in your situation, consulting the Steven K. Brown & Associates is a good place to start.
