Consult with a Bankruptcy Attorney in St. Charles, MO About How to Handle Money Received from Lawsuits

It’s not unusual for a person to file for bankruptcy while in the midst of a personal injury lawsuit. Someone in this situation may wonder how the court will handle the money he or she receives from the case. Here’s how bankruptcy trustees deal with income from lawsuits and how a bankruptcy attorney in St. Charles, MO can help a petitioner keep as much of the cash as possible.

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Qualifying for Chapter 7 Bankruptcy

Chapter 7 bankruptcy is also referred to as a “clean slate” bankruptcy. This is because the majority of all unsecured debts are completely eliminated once the bankruptcy is complete. Some of the debts that are wiped out include medical bills, personal loans, judgments, liens, and credit card debt. When it comes to filing for Chapter 7 Bankruptcy, Chicago debtors can benefit from working with a bankruptcy attorney.

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