A person’s personal finances are a very private thing. However, when that person can no longer control his finances, or he or she can’t pay the bills, those financial matters could end up becoming rather public. There could be notices published in the newspaper about the debts owed, the house that is being foreclosed upon, and auctions that are selling the property. These are all embarrassing moments in the life of a person. It would be a better idea if the person could swallow his or her pride and consider bankruptcy. There is a bankruptcy attorney in Springfield, Missouri who can help clients find debt relief. These are some things that clients should know about bankruptcy.

There are two types of bankruptcies that private debtors can apply for: Chapter 7 and Chapter 13. The first is a complete eradication of all qualifying debts. The second is a reorganization of debts. It is the chapter 7 bankruptcy that will be dealt with in this article. This type of bankruptcy as dealt with in Missouri has variables that debtors need to realize. The trustee of this bankruptcy will collect all assets the debtor has, and sell all that are not exempt. The trustee will pay the debtor all of those assets which are exempt. The rest of the liquidated assets will be distributed to the creditors, and the trustee gets a commission.

Filing a Chapter 7 gives the debtor an opportunity for a fresh start. However, there are some debts which will not be discharged. This includes debt such as alimony, child support and student loans. Certain secured debts can be kept if the debtor signs a voluntary reaffirmation agreement. This includes items such as the house, the car and the furniture. Those items which are put under reaffirmation must be brought to current paid status before the items can be reaffirmed.

John Henderson Law has been providing legal solutions to clients in the Springfield, Missouri area for more than three decades. Clients are given special detail in wrongful death and personal injury cases. Clients can get free consultations for both bankruptcy issues and personal injury issues. Appointments are available for the evenings to accommodate those clients who cannot meet during regular business hours. If a client needs to speak to an attorney from the law firm on a personal injury case, or for a chapter 7 bankruptcy, he or she can visit the following website.