Get Relief with Help from Bankruptcy Attorneys in Arnold, MO

by | Jun 13, 2016 | Bankruptcy


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Not all of the financial choices we make are good ones. It is easy to make mistakes, especially for a small business owner or other professional. These mistakes can snowball and become much bigger problems and, compounded by personal debts and other issues, finances can spiral out of control faster than it might seem possible. One year a business owner might be doing well and the next might be a disaster. There’s no need to panic, there are solutions. Debt relief programs are available for business owners and individuals to help debtors negotiate manageable payment plans and even reduce the amount owed. Individuals can avoid damaging their credit anymore and business owners can start to recover so they can get things back on track. Sometimes it’s not so simple and bankruptcy is the only answer.

Only after all other options have been exhausted should filing one of the many chapters be considered. In some cases, there are options that may not have considered and talking to bankruptcy attorneys in Arnold, MO could reveal those options. If nothing else is available it’s time to take the means test to determine eligibility for either of the two most common chapters. Both options offer a way out from under considerable debt but there are caveats. Each chapter needs to be considered carefully and only one of the options will be available depending on the results of the means test. Detailed information about the means test can be offered by bankruptcy attorneys in Arnold, MO.

Chapter thirteen is a plan created by the debtor and creditors. An agreement must be reached in order for the process to be completed. By formulating a payment plan both parties agree to take no further action beyond making the agreed payments within a certain amount of time in order to eliminate at least part of the debt. Chapter seven works very differently. The debtor must work with a trustee in order to create a list of assets that can be liquidated in order to eliminate as much debt as possible so a stay can be granted. Information about debt relief and how to file for bankruptcy can be found at

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