If you are dealing with major debts, it can be stressful to deal with. Whether you are dealing with personal or business debt, you may find it difficult to overcome. It is important to try and do all you can to work with your creditors and make arrangements so you can pay down your debt. If you have done all you possibly can and are still unable to get out of debt, there are options available to help you. Through Chapter 7 Bankruptcy in Colorado Springs, you can overcome your debt and create a brighter financial future for yourself or your business.
What Happens When You File for Chapter 7 Bankruptcy in Colorado Springs?
When you file for bankruptcy, you will first need to meet with your attorney, who will start the process of filing your paperwork with the courts. You will need to provide the court with information on your income, your debts and all of your assets. In this type of bankruptcy, you will be required to liquidate all of your non-essential property. Essential property is excluded from sale and includes your home, car, furniture and clothing. Vacation homes, extra cars and other assets will be sold to pay off your debts.
Through the court, you will be granted a trustee. This trustee will be in charge of getting the most money for your creditors as possible. The trustee also has the power to absolve you of your debts.
The trustee will work with the creditors and will oversee the liquidation of all of your property.
This type of bankruptcy is usually accomplished in a period of six months or less, depending on the debts you owe. You will be required to go through credit counseling, so you can learn more effective strategies of dealing with your finances.
If you are in need of help with your debt, contact the law office and get the legal help you need. They can help you with your bankruptcy, so you can overcome your debt and have a better future. Contact them today and schedule your consultation appointment.
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