Debt Relief for Religious Organizations
As the economy has worsened over the last several years, many organizations have been left without adequate funds to keep operating. Churches are no exception. As their members struggle to pay their own bills, churches receive less financial support.
The law office of Rochelle D. Stanton Attorney at Law has represented churches, pastors and ministers in bankruptcy proceedings. We can assess the finances and discuss the church's options for debt relief. Whether you are a church official or a minister, contact us today to learn how bankruptcy may be able to help. For a free consultation with a St. Louis bankruptcy lawyer, please call 314-262-4390 or contact us online.
How Bankruptcy May Help Your Church
Very often, church buildings and grounds are financed by mortgages or commercial lending loans. If a church does not have enough income, it could default on the loan. To rebuild its finances, the church could file Chapter 11 bankruptcy. Chapter 11 helps businesses and other organizations restructure some types of debt while discharging others. It is a way to reorganize debt into a manageable plan and allow the organization to keep operating.
In some instances, a pastor or minister is the guarantor on the church's loan. Because they bear the burden of the church's debt, pastors and ministers may be able to file individual Chapter 13 bankruptcy to repay the church's debt. Chapter 13 also reorganizes debt into a repayment plan with manageable payments. Some unsecured debts may be discharged after the completion of the three- or five-year plan.
You and your church have debt relief options; we can discuss them with you. To make an appointment with a Missouri church bankruptcy attorney, please call 314-262-4390. Your consultation is free.
