People who are having trouble paying their debts, sometimes consider bankruptcy as a remedy for the situation. Bankruptcy is legal process by which you can deal with your debt when you can no longer can pay them.
By filing bankruptcy, many individuals find that they’re able to get most if not all bills discharged – meaning wiped out. Keep most, if not all of their property. And/or get extra time to pay bills if you have a regular income.
An individual, called a debtor, usually files bankruptcy to obtain a discharge which will wipe out all or most of his or her debt, so that they will not have to be paid. A married person may file a loan or with a person’s spouse.
Once the bankruptcy begins creditors cannot try to collect debts from the bankruptcy debtor or sue the debtor to obtain a judgement. With a few exceptions, the creditors have no claim on the debtors future income or future assets.
Bankruptcy is not the only way to deal with too much debt. In some situations, another approach might be better.
Alternatives to Bankruptcy:
- Out of court settlements with creditors
- Reduction of payments with creditors
- Attaining help from consumer credit counseling services
- Payment of debts by selling or borrowing on property
These alternatives, however, require some cooperation from creditors, and are more likely to succeed if tried soon after financial difficulties begin.
Learn more at: http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics.aspx
Tirella Bankruptcy Law specializes in Chapter 7 and 13 bankruptcy, foreclosure help, loan modifications, and garnishments. If you need a qualified, experienced, and aggressive Bankruptcy Lawyer Denver, call Adam Tirella today!
Tirella Bankruptcy Law
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