Debt problems are pretty common in Aurora, and when they escalate the best option for people is to file for bankruptcy. Bankruptcy attorneys are the legal advisors that people work with in order to qualify for the best option available. If you don’t know much about bankruptcy, but you know that it may be a way for you to turn your life around, it’s time to talk to a bankruptcy attorney in Aurora.
Clarify the Types of Bankruptcy
Maybe you’ve heard in the news that a major corporation has filed for Chapter 11 bankruptcy. Or perhaps you’ve known someone who has had to file for Chapter 7 bankruptcy. Do you know the difference? And does it matter which type of bankruptcy you file for? Of course it matters, and the fact is that you may or may not have a choice. For many people in Aurora, the ideal type of bankruptcy is Chapter 13. Filing for this type of bankruptcy with the help of a bankruptcy attorney allows you to keep some major assets, like your home and car, in order to allow you to keep going to your job.
But you don’t just keep your assets, you also keep your debts, or at least most of the debts you hold. Some debts may be forgiven, but the majority will probably be consolidated or re-shuffled so that you can pay them off instead of simply throw money down a hole each month. People in Aurora who have filed Chapter 13 bankruptcy with the help of bankruptcy attorneys may not even change their lives all that much, at least not in a visible way. They will be affected by the bankruptcy filing, but they can continue on the same trajectory without the burden of unmanageable debt.
Chapter 7 bankruptcy is another beast altogether. Instead of keeping assets and debts, you can give up both. This is usually a last resort, because it means starting from scratch after your bankruptcy is completed. While this may sound difficult, it can also be a relief from the life that you’ve been living, if your debts are so big that there was no way to get out from under them.
The biggest benefit of bankruptcy attorneys is that they’ve been through all this before. They know exactly what it takes to get through a bankruptcy filing, they can help you prepare for each stage, and they will definitely know what type of bankruptcy you are eligible to file for. Contact an experienced bankruptcy attorney in Aurora to learn more about your options.
Bankruptcy attorneys in Aurora can help you through your filing. Make sure you work with someone experienced, like the folks at Ledford & Wu Attorneys at Law.