Bankruptcy Attorneys Danbury And Denver To Help You Make Your Financial Situation Betterby Recovery Law Group Recovery Law Group
Take heart, you are not alone who is considering filing bankruptcy in Denver due to unavoidable circumstances, like divorce, poor financial decisions, job loss, unexpected emergencies, or medical bills. Bankruptcy is a legal process which is designed to help individuals and businesses discharge all or part of their debts, and repay a portion of what is owed. Bankruptcy law in the USA gives people an opportunity to start over when their finances collapse. Most people and businesses filing for bankruptcy have more debts than money to cover them. To file for bankruptcy, you need to follow a certain procedure. Most people who file for bankruptcy through a specialized law firm, such as Recovery Law Group, are successful. A court-appointed trustee will examine the assets and liabilities of the individual, businesses, and partnerships, whose debts have become so overwhelming that they think, cannot pay them with their current means of earning.
Filing for Chapter 13 bankruptcy
Filing bankruptcy Denver is often used as a financial planning tool when the person has enough money to repay debts but needs to restructure the terms. Though there are six types of bankruptcies, Chapter 7 and Chapter 13 bankruptcies are most commonly filed by individuals in Denver. Under Chapter 7 bankruptcy, a court-appointed trustee may sell your assets and distribute the net proceeds to your creditors which are not exempt. Chapter 13 bankruptcy Danbury enables individuals with regular paychecks to restructure their debt and repay some or all of their creditors. Chapter 13 bankruptcy is an option for people who do not want to give up their property, or do not qualify for Chapter 7 bankruptcy, due to their high income.
Creating a repayment plan, and discharge of unsecured loans
Filing for Chapter 13 bankruptcy Danbury begins with filing a petition with the bankruptcy court serving the area. The debtor must file a certificate of credit counseling, and a copy of any debt repayment plan developed through credit counseling. In most circumstances, the repayment plan must provide a substantial payback to creditors. Under Chapter 13 bankruptcy Danbury, the debtor pays an agreed upon monthly amount to an appointed, impartial bankruptcy trustee, to effectively consolidate debts into one monthly amount. Typically, the attorney filing for Chapter 13 bankruptcy Danbury creates a repayment plan of key debts over several years. If the court accepts the repayment plan, the creditors are forbidden to continue collection efforts. At the end of the repayment period, unsecured debts that remain unpaid are discharged.
File for bankruptcy to make your situation better
Expert bankruptcy attorneys at Recovery Law Group help good people in filing bankruptcy Denver, and Chapter 13 bankruptcy Danbury, in order to get their lives back on track. The attorneys at Recovery Law Group truly care about people going through difficult circumstances, and take immediate steps to stop creditors’ harassment, wage garnishments, avoid foreclosure, and cancel debt collection arrest warrants. The attorneys can answer any questions during a free consultation about filing bankruptcy Denver, and Chapter 13 bankruptcy Danbury. Don’t let shame or fear keep you tied to unmanageable debt. Experienced bankruptcy attorneys can always make the situation better for you almost immediately.
Created on Apr 3rd 2023 04:29. Viewed 108 times.
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