For many people, getting out of debt seems impossible. This is especially true if you have debt amounts above what you make in income each month. Though most people do not want to think about filing for bankruptcy, it is a good option for many people. When used wisely, bankruptcy can help you to get out of debt and secure a better financial future so you can make wiser choices. Through the help of Bankruptcy Lawyers in Aurora, you can get the legal help you need in filing for bankruptcy, so you do not have to experience issues through the process.
Information on Filing for Chapter 7 Bankruptcy
Chapter 7 bankruptcy is available for both businesses and individuals. In this type of bankruptcy, a trustee is appointed by the courts. This trustee will be responsible for gathering information on all of the assets you own and labeling them as either essential or non-essential. Essential assets include your home, vehicle, furniture and clothing. Any assets that are considered non-essential will be sold to help reduce and eliminate your debt. The trustee will be in charge of overseeing this liquidation and working to get as much money for your creditors as possible.
Through the process the trustee also has the power to absolve you of certain debts or reduce others. The ultimate goal is to get as many debts paid off as possible. Through this process, you will be required to go through financial counseling, so you can identify any issues you may have in keeping up with your finances, so you may make better choices in the future. The entire process typically takes around six months, depending on the amount of debt you owe.
If you would like to learn more about Chapter 7 bankruptcy and how Bankruptcy Lawyers in Aurora can assist you, contact the law offices of Ledford & Wu. They will be glad to assist you through your bankruptcy and can provide you with information on which type will best benefit your financial needs. Contact them today for a free consultation and allow them to begin helping you.
