Chapter 7 in Aurora presents the opportunity to find a debt-relief solution that has the potential to eliminate debts completely. Through this process, you will file a bankruptcy claim in court and include all of your debts. You are also required to provide a list of property and assets, primarily those associated with your business. To begin this process you should contact your preferred attorney who practices within this law field.
Liquidating Assets for Debt-relief
Through Chapter 7 bankruptcy, you are required to sell properties and assets that will equate to the total value of your debts. Your selected attorney will evaluate your properties and assets to determine which are viable options for this type of bankruptcy claim. He or she will additionally inform you of which properties are excluded from this claim.
Once your claim is approved by a judge, the liquidation process begins. All properties and assets are placed on the open market for immediate sale. As the funds for these properties and assets are generated, the trustee appointed to your case will receive them and begin distributing them to your creditors to settle off your debts. In some cases, your attorney can negotiate a settlement with your creditors which will enable you to pay a smaller portion of the debt.
Local Debt-Relief
Attorneys Ledford and Wu advise clients daily about their debt-relief options. These attorneys enable clients to find a lasting debt-relief solution which allows them to eliminate all of their debts entirely. Through liquidation, you may sell off key properties and assets to pay off your debts. These attorneys will assist you in this venture and ensure that it is completed correctly. To hire Ledford and Wu to assist you with your bankruptcy claim, you may contact them at their local number to schedule an appointment.
Summary
Chapter 7 in Aurora is a debt-relief option for anyone who owns a significant amount of property or assets to settle their debts. Through this process a trustee is appointed to oversee the sale of these properties and to disburse the funds to your creditors. Through this method, you are relieved of the worry associated with paying these debts individually. Your attorney can assist you in completing this claim and fulfilling your obligations.
