Many times a person, who is considering bankruptcy to deal with a foreclosure or other types of extensive financial issues, may find having the assistance of an Aurora Expert Bankruptcy Lawyer can be the best option to help them through the process. Many times a person will find there are many decisions they will need to make, as well as filing the actual paperwork required to process the bankruptcy in court, which can be a bit more complicated than they had anticipated. Having the assistance of someone familiar with the process can be of great benefit.
One of the most difficult decisions many people who are considering this type of legal process may need to consider can be the type of bankruptcy they should file for. Many people may think filing a Chapter 7 bankruptcy is the only way they will be able to find relief from their debtors. This type of option will generally require a person’s property or other types of assets to be sold off to pay their creditors and resolve any outstanding debts. In some cases, the person may lose their home or other types of real estate. When using this plan, a person will get a fresh start, but the effects of the bankruptcy filing can stay on their credit reports for up to 10 years. This can make it difficult to obtain financing or pursue other options based on credit ratings.
Some people may realize after they have spoken to an Aurora Expert Bankruptcy Lawyer that filing for Chapter 11 bankruptcy may be a better alternative in their situation. Filing for a Chapter 11 bankruptcy allows a person to restructure their debts based on future income the person may have. This can be a good way for a person to find temporary relief from their creditors without the need to sell off their assets. In many cases, the person will be given up to three years to pay off their debts, which can be a great asset in many situations.
Once a person has decided on filing for either type of bankruptcy relief, they will need to have an experienced lawyer to help them complete and file the proper paperwork with the court in their area. Many times attorneys with a firm, like Ledford and Wu can provide this assistance and make the whole process much easier to handle.