State Bar establishes resource for debtors

Responding to the nation’s recently declared recession, The Missouri Bar has created an online resource to educate consumers and businesses about their legal rights and responsibilities when facing difficult financial issues such as bankruptcy or foreclosure.

The Web site, “Managing Your Credit and Debt in Difficult Times,” can be found at www.mobar.org/moneyguide.com.

“The more that people understand about the laws affecting debt and credit, the better able they are to limit the damage that a personal financial crisis can bring,” Tom Burke, president of The Missouri Bar, said in a statement.

The site provides links to articles and other resources created by state and federal governmental agencies, organizations and media outlets. In many cases, articles offer practical tips for avoiding or addressing problems; in other cases, contact information is provided for those seeking more in-depth information or direct help.

Topics include “Handling Demands from Debt Collectors,” “Foreclosure and Holding Onto Your House” and “Legal Myths about Credit.”

Michael McCrary is a Columbia attorney who said 70 percent or more of his clients are seeking his help with a personal bankruptcy. He said consumers often get into trouble because they don’t understand how big their problems are until it is too late.

“There is value in the site because it seems to be well presented in a way that is easily digestible for the average consumer,” McCrary said.