Basic Information on Filing for an Aurora Chapter 7 Bankruptcy

Basic Information on Filing for an Aurora Chapter 7 Bankruptcy

Unfortunately, there are many people living within the Aurora area that are having a difficult time financially. Regardless of how you feel about the supposed financial recovery, there are still plenty of people that are unemployed; there are more jobs being lost every day and people are being paid far less than they were years ago.

All of this has led to people finding themselves in very difficult financial situations and in some cases, the only recourse they have is filing for bankruptcy. In these situations, it is important that these people retain the services of an Aurora Chapter 7 Bankruptcy attorney.

Most people understand that there are a few different types of bankruptcy. However, many people aren’t exactly sure which type best suits their needs. That is why having attorney can help you. In most cases, the attorney will recommend you to file for Chapter 7 bankruptcy, especially if you’re an individual.

The difference between Chapter 7 and the other common type of bankruptcy, chapter 13, is that Chapter 7 bankruptcy allows for most or all of your debts to be canceled. You will be required to release any extra money or various assets that are deemed unnecessary to be sold off in order to pay off some of your existing debt.

However, if you have neither the cash nor the assets, your debts can officially and legally be canceled by the courts. Chapter 13, on the other hand helps you restructure your assets so that you can repay your creditors. This is a very common type of bankruptcy for businesses.

As far as the details for Chapter 7 bankruptcy, you’ll want to hire an attorney. Typically, the attorney will charge a flat fee for their services in the bankruptcy proceeding. You’ll also need to file for Chapter 7 bankruptcy with the court. The cost is $300 for the initial filing, and you may be responsible for other administrative fees along the way. Lastly, the process for Chapter 7 bankruptcy will take anywhere from 4 to 6 months were to be completed.

Nobody likes to consider bankruptcy, but in many cases, it may be the only option you have left. If you’re in this unenviable situation, the best thing you can do is to consult with an Aurora Chapter 7 Bankruptcy attorney and determine what is best for your personal finances.

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