It is really scary to admit that your finances have gotten so out of control that you have to consider bankruptcy. But at the same time, pride is not something that you can even factor into a decision that is so important. What really matters in these cases is the state of your finances, and how you are going to get yourself and your family out of the mess. And in many cases, talking with a bankruptcy attorney St Louis is the first step towards solving the problem. You may think an accountant makes sense, but you also need an attorney.
The reason why you also need an attorney is because they are the ones who have the proper experience in filing for bankruptcy. An accountant can take a look at your finances and tell you whether bankruptcy is your best option, but they do not have the experience in doing the legal work and the court filings related to bankruptcy. They understand how it works on a theoretical level, but they are not an attorney, and it is much better to have an expert by your side who can help you through such a difficult and challenging process.
In terms of filing, you will have a few options. For instance, chapter 7 and chapter 11 bankruptcies are different. And you will have to talk to your attorney about what makes the most sense for you. In reality, it all depends on the assets that you have, the amount of money you make from your job and how much you owe in debts. Then you can begin the process of figuring out what assets you could sell to pay off some debts, before getting the rest of the debt forgiven. It is a tough process, but it is a necessary one to get you where you want to be.