When you experience debt, you do all you can to try and get out of it. This means calling your creditors and trying to make arrangements. Unfortunately, not all creditors are willing to work with the people who owe them. If you have tried to make arrangements or find methods of getting out of your debt, but have had no luck, contacting an attorney can help. Through an Aurora Professional Bankruptcy Lawyer, you can get the help you need, to be able to come out from under your debt and finally be free.
How to Overcome Your Debt Through an Aurora Professional Bankruptcy Lawyer
Understanding your options for filing for bankruptcy can greatly assist you in making the best decision to meet your needs. The type you choose will depend on how much debt you owe and what your income is. You can discuss this information with your bankruptcy lawyer and he or she can assist you in deciding which type will be best.
Chapter 7 bankruptcy involves you having all of your property liquidated. You are able to keep your home, furniture, car and clothing, while all other assets must be sold. The court will appoint a trustee over your case to oversee the sale of your assets. The trustee has the power to absolve you of some of your debt and will make sure to get as much money for your creditors as possible. Through this process, you can be free of your debt in about six months.
Chapter 13 bankruptcy is different from chapter 7. You are not required to have any of your assets sold, but you will be ordered to pay a payment through the court each month. This payment is split up among your creditors, so each one gets an equal share. This helps to pay down your debt over a period of a few years. Most chapter 13 bankruptcies last for a period of about five years, depending on your income and how much debt you owe.
If you are in need of help with your debts, contact Ledford and Wu so they can help you. They will help you through the entire process, so you are no longer burdened by your debt.
