Dealing with too much debt can be overwhelming. As debt collectors begin calling you and harassing you, you can become stressed. They will often threaten to garnish your wages or even take you to court. If you are dealing with more debt than you have money to pay for, there are options available to help you. Though most people do not want to have to consider filing for bankruptcy, this option has helped many people to be able to overcome their debt. When debt becomes too much for you to handle, contacting the Bankruptcy Lawyers in Aurora can help you to make the best decisions for your financial needs.
What Happens When You File Bankruptcy?
When you first meet with your attorney, it is imperative you bring as much information with you as possible. The attorney will need to see information on all of your owed debts, your income and your assets. This will assist the attorney in helping you make the decision on which type of bankruptcy you will file. There are two main types individuals can file. One allows you to keep all of your assets, while the other requires your non-essential belongings to be sold.
In chapter 13 bankruptcy, you will pay a payment through the court each month, to pay off your debt. This allows you to pay everything you owe within a few years. In chapter 7 bankruptcy, you will have all of your non-essential assets sold, to pay off your debt. This process lasts about six months.
The Bankruptcy Lawyers in Aurora will be able to assist you through the entire process, helping you to find the best method of overcoming your debt. You should plan on going through credit counseling, so you can learn to make better decisions in the future. This will help to ensure you have a better financial future.
If you have tried all you can to overcome your debt and cannot seem to get out of it, an attorney can help. To schedule an appointment for a consultation, contact Ledford & Wu. They will be glad to assist you through the process and help you find relief from your debt.