Often the question comes to the mind, what options you have in event of filing for bankruptcy. Let us discuss in detail.
Exploring various options in bankruptcy
You should seek assistance from Bankruptcy Attorney Boulder CO. They would cater experienced advocacy to various clients facing the blues of bankruptcy. As your lawyer, they would assist you in exploring your various rights and options. As a result, you would be able to determine whether bankruptcy would be the right course of action for you.
What do you understand by Chapter 7 Bankruptcy?
Chapter 7 has been described as a legal procedure that enables you to remove debts. In addition, the process would assist you in making a fresh start. To become eligible to file bankruptcy under Chapter 7, you would be required to clear the means test. The mean test would evaluate your debts, assets and income.
Benefits of filing Bankruptcy under Chapter 7
There have been numerous benefits to filing bankruptcy. A bankruptcy would stop harassment from creditors along with putting an end to creditor’s actions. Other benefits would be inclusive of prevention of wage garnishment, assistance in taking charge of your finances and reduction of your debt obligations. It has been the quickest known way to jump-start your financial independence.
Reduction of debts might make you wonder, what debts you may eliminate. Foremost, bankruptcy would be useful for successfully eliminating unsecured debts. These debts would be inclusive of credit cards debts and medical expenses. You may not be able to reduce tax debts, support obligations and other secured debts. However, you could re-establish your credit and arrange payments to get back on track.
What other options you have?
In case, you fail to become eligible for filing bankruptcy under Chapter 7, you may become eligible for filing bankruptcy under Chapter 13. Filing for bankruptcy under Chapter 13 would be suitable for various clients interested in protecting their assets and aiming to reorganize their debts. Under Chapter 13, you might be able to repay your creditors as per the decided payment plan for a stipulated period ranging for three to five years. After the stipulated period, the remainder of debt would be dismissed.
The need for bankruptcy lawyer
Without experienced legal attorney, you might make mistakes or come across delays that might hamper your rights significantly. Your Chapter 7 bankruptcy attorney would take every vital step to protect your rights and reach an optimal outcome in your case.
