The O'Fallon Law Firm L.L.C.

Is Bankruptcy your best option?

Call 636.344.0073 for a free consultation or send a question through the form to the right.

Chapter 7 Bankruptcy

A Chapter 7 bankruptcy is the fresh start many individuals overwhelmed by debt are looking for. Chapter 7 Bankruptcy has many advantages. In most cases, filing bankruptcy puts an end to garnishments, lawsuits and creditor harassment. It also stops temporarily stops repossessions and foreclosures. Chapter 7 Bankruptcy is a practical solution for those overburdened by medical bills, credit cards and most other unsecured debt. Often, these debts are not the result of financial mismanagement, but due to events such as serious illness or divorce that are beyond your control.

Chapter 13 Bankruptcy

In a Chapter 13 Bankruptcy, you keep your property, but pay back all or a portion of your debts over a three to five-year period. This is unlike Chapter 7 Bankruptcy, where most of your debts are cancelled. Because you end up paying most of your debts over time in Chapter 13 Bankruptcy, it is often called a wage earners plan or reorganization.

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