The economy has plummeted and everyone is feeling it in one way or the other. The loss of jobs due to lay-offs, credit card debt, excessive student loans, bad business, and poor investments have caused many people to consider bankruptcy.
There are two different types of bankruptcies you can file – Chapter 7 and Chapter 13. You will first need to evaluate your financial situation, and then Hire Bankruptcy Lawyers Aurora, and determine which filing is best for you. A bankruptcy attorney is specialized in the area of bankruptcy and will know which filing is best for you. Bankruptcy attorneys are experienced and knowledgeable in all areas of bankruptcy and will understand what each form means and what information is needed.
Chapter 13 is best for business owners, companies, and those who have steady income and assets. It allows them to stay in their homes and keep their cars. It doesn’t involve any loss of assets. The payments toward your debts will be determined based on your income. The payments will be made to the court at a determined time and a determined amount. It usually takes several years for the payments to be paid off. The downside is that the bankruptcy is in effect for 13 years.
Chapter 7 takes your assets and pays your debtors. Some assets may be kept by you, such as your house, household items and cars. But this will depend on how many other assets you have available to pay your debtors. This bankruptcy lasts for 7 years.
Ask family and friends for recommendations when looking to Hire Bankruptcy Lawyers Aurora. You can also do an online search. Read the reviews online to get a good idea of the attorneys, their experiences, backgrounds, services and rates. You can also contact the Bar Association located in your state. They may be able to recommend a good bankruptcy attorney for you.
If you have dealt with a lawyer before for another reason, contact them and ask if they know of any bankruptcy attorneys they can recommend. Once you have a list of attorneys to contact, contact them and ask if they offer free consultations – many will have this option available. Schedule a consultation and be sure to ask the attorney every question you can think of. Make sure they understand and are concerned about your case.