Some Info on Bankruptcy in Aurora

If you have gotten into debt and you can’t possibly repay the debt, you may want to consider filing Bankruptcy in Aurora. Because of the fact that congress has enacted some fairly complicated changes to the federal bankruptcy laws, it is now more complicated to file bankruptcy than it was in past decades. While it can be quite confusing to navigate the bankruptcy process on your own, a skilled bankruptcy attorney can guide you through the whole process and help you to get the debt relief that you need fast.

Chapter 7 bankruptcy is usually the most popular choice today because it is a discharge of all of your debts (excluding several specific things like child support, student loans, and taxes.) When you file a chapter 7 bankruptcy, you will be able to get rid of nearly all your debts and in most cases you will be able to retain the majority of your property. According to the exemptions for the state, you can keep your personal property that is essential for your lifestyle. Generally, this will translate into you being able to retain your vehicle, your home, and much of your personal property. Some of your property may be non-exempt, however, and this property will be sold for the repayment of debts. Many chapter 7 filers have very little non-exempt property, so you can usually expect to maintain your current lifestyle, just without the debt hanging over your head.

Chapter 13 bankruptcy is typically chosen by those who have a higher level of assets that they want to keep. For example, if you have multiple properties or vehicles. With a chapter 13 bankruptcy you are going to be repaying your creditors, but it will be on a more reasonable payment plan that you can meet given your current income level. A person who files chapter 13 Bankruptcy in Aurora has between three and five years to repay their debt. Your attorney will help you to create a plan that will meet with the approval of the trustee and your bankruptcy judge. If you think that you may need to file bankruptcy, attorneys at Ledford and Wu are ready to discuss your case with you in a free no obligation consultation.

         

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