St. Louis Attorney L. Barry Gubin Reveals Bankruptcy Options for Debt Relief | Company
ST. LOUIS, MO – September 7, 2022 – St. Louis attorney L. Barry Gubin says filing for personal bankruptcy offers several options, many of which are misunderstood by those trying to ease a heavy debt load .
Gubin said many have heard of Chapter 7 and Chapter 13 bankruptcy, but few know the differences and benefits of each.
“Chapter 13 is different from Chapter 7. A Chapter 13 filing is for those who want to reduce their debt to a more manageable level while retaining their major assets in the process,” Gubin said.
In Chapter 13, the harassment of creditors can be expected to end. “This will immediately stop intrusive phone calls from creditors, wage garnishment and any lawsuits against you. It also helps to create a new payment plan with the help of an attorney.
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Gubin said the new payment plan will be determined based on his income, assets and expenses. “The repayment of creditors should normally take three to five years. Once completed, unsecured dischargeable debts will be discharged.
Unlike Chapter 13, Chapter 7 is for those looking for a fresh start. It allows filers to eliminate dischargeable unsecured debt and essentially start over with their finances.
“Those who qualify for Chapter 7 based primarily on a means test will end creditor harassment and eliminate dischargeable unsecured debt. In most cases, you won’t have any more credit card payments, medical bills, or other debts.
“Chapter 7 also provides options for its secured debt, which is debt attached to assets such as a mortgage or car payments. It can be determined whether to liquidate these assets to pay off debt, relinquish property and clear real estate debt, continue an existing payment plan, or negotiate a new payment plan with creditors.
“Overall, when you’re struggling with debt, the things that keep you stable – your home, your job, your family – can feel too fragile. But debt doesn’t have to tear your life apart. You have options. An experienced bankruptcy attorney can help you understand them and get you back on a solid financial footing.
About Bankruptcy Attorney L. Barry Gubin
L. Barry Gubin has over 30 years of bankruptcy experience helping people eliminate dischargeable unsecured debt. From his office in St. Louis, he guides clients through the bankruptcy process, advising them on the type of bankruptcy to file and submitting the necessary paperwork to attend any related hearings and obtain a court order of discharge. .
Serving the City of St. Louis, St. Louis County, St. Charles County, Jefferson County, Warren County, Lincoln County, Franklin County, Crawford County, Washington, for a detailed discussion of your debt relief options and whether a Chapter 7 bankruptcy is right for you, For a free initial consultation, Gubin can be reached at 314.432.7400 Where stlouismobankruptcylawfirm.com.
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