In today’s economic times, many individuals and businesses are faced with the uncertainty of their financial future. Unfortunately, many have reached a place where the only solution may be the filing of bankruptcy.
Consulting Aurora bankruptcy attorneys can help you determine if filing bankruptcy is the right thing for you. The Aurora bankruptcy attorneys are experts in their field and can guide you through the necessary paperwork and filing process.
Purpose of Bankruptcy
Bankruptcy laws were enacted in the United States to provide relief to citizens who find themselves over extended in debt and unable to pay their bills. In filing a bankruptcy, the individual is able to discharge most debts, but there are some, such as student loans and child support, that would not be dischargeable. Good attorneys, such as Aurora bankruptcy attorneys, are able to assist in identifying which debts fall within the various categories and clearly explain what your options are. They will request a list of all your creditors, including any outstanding personal debt and notify them of the filing. Once the bankruptcy is filed, it stops creditors from any attempts to collect on the debt. You eventually will need to make an appearance in bankruptcy court to affirm your desire to enlist the bankruptcy laws. The Aurora bankruptcy attorneys will appear with and represent you in the proceedings.
Types of Bankruptcy
The Aurora Bankruptcy Attorneys are well versed in the three major bankruptcy types, which are Chapter 7, Chapter 11, and Chapter 13. The Aurora Bankruptcy Attorneys will recommend the best option for you and your situation. A Chapter 7 bankruptcy will discharge all of your allowable debt and can be finalized usually within 4 months. A Chapter 13 bankruptcy is for reorganization and requires you to establish a repayment plan with your creditors. Its duration is generally 3 to 5 years. A Chapter 11 bankruptcy is reserved for corporations and sometimes used by small businesses, for reorganization purposes.
Filing for bankruptcy can be a stressful time. The Aurora bankruptcy attorneys can take control of the situation and streamline the process. They understand how devastating it can be for individuals who find it necessary to take advantage of the bankruptcy laws. Sometimes the perceived stigma of filing bankruptcy keeps many individuals from filing, for fear their neighbors or family will find out. In reality, filing for bankruptcy can relieve the stress and burden of trying to carry the weight of a situation that is not going to improve. A person needs to look at the reality of their situation, and remember that the bankruptcy laws were established for such a time as this. The good news is, that once a bankruptcy is filed, it wipes the slate clean, and in essence, the individual is a good candidate for having credit extended once again. Many creditors have second chance financing to make it easy for someone to reestablish themselves. Another thing to keep in mind is that you’re not alone. Many famous, prominent people, and companies have taken advantage of the bankruptcy laws. Some more than once during their lifetimes.
Getting a fresh start and a new lease on life may actually require the decision to file for bankruptcy. The Aurora bankruptcy attorneys are eager to assist you and have all the tools and resources available to make it a smooth process. The Aurora bankruptcy attorneys can answer your bankruptcy questions in detail and help you make the right decision.
When you are facing financial stress, consult with the lawyers from Ledford & Wu in a free consultation. They can assist you with determining if bankruptcy is the best choice for you. For more information, please visit ledfordwu.com.