No one wants to have to deal with tons of debt. When you are under mountains of debt, it can feel like there is no way out. Not only do you have bill collectors contacting you constantly, but you also get the threats of wage garnishment and court proceedings. If you have tried all you can to get out from under your debt and are finding it increasingly difficult to deal with, there is help available. Through the help of an attorney, you can file for Aurora Bankruptcy and find relief from your debt so you can secure a better financial future.
Two Common Types of Bankruptcy and How They Work
* Chapter 7 Bankruptcy is a common type of bankruptcy because it is the fastest type to accomplish. In this form of bankruptcy, your non-essential assets are sold to pay off your debts. Through the overseeing of a court-appointed trustee, all assets besides your home, car, furniture and clothing will be sold. The trustee has the power to absolve you of some debts, but will also work to make sure and get as much payment for your creditors as possible. In most cases, this type of bankruptcy is accomplished in six months or less.
* Chapter 13 Bankruptcy is another type of bankruptcy you can file for. In this type, you are not required to liquidate your property, but you will need to make a monthly payment through the court. The amount you pay each month will be dispersed among your creditors, so your debt can be paid off. Most people are able to pay off their debts in a period of three to seven years.
If you are dealing with more debt than you can handle and have tried other methods of getting out of your debt, bankruptcy may be an option for you. Contact the law offices of Ledford & Wu and make an appointment for a consultation today. They will be glad to meet with you and give you more information on the bankruptcy process. Through their help, you can successfully file for bankruptcy and find relief from your debt.
