Chapter 7 bankruptcy
This type of bankruptcy is usually filed when you have only a few assets. You can contact the legal counselors on this site of USAttorneys.com and receive sagacious advice and help. Here are some of the important aspects of Chapter 7 bankruptcy:
- Chapter 7 bankruptcy can provide you with a fresh start, especially if you are overwhelmed with bills and debts yet to be paid.
- This method is fast and easy and you can be exempted from most of your debts within a short time frame.
- It is fundamental to remember that Chapter 7 is not suitable if you own a large house or any valuable assets that can be seized by your creditor. If you have such valuable assets the creditors can sell them off so that your debt gets paid.
- When you file for Chapter 7, you only need to be present at the court only once to attend what is called the 341 meeting of the creditors. Your lawyer will represent you in front of your creditors. After this meeting you will be relieved from these charges and freed from your debts.
Chapter 13 bankruptcy
For the most part, Chapter 13 permits you to pay back some of the debts under the command of the Colorado Bankruptcy Court. This method also helps you to delay or in some cases completely avoid foreclosure. With the help of a legal expert you can devise a plan to repay some or all of the debt within a certain period of time.
You are also required to make a monthly payment of to the chapter 13 trustee and when all the monthly payments have been made, the Colorado Bankruptcy Court will release a major portion of your unsecured debts.
There are a few things which you need to keep in mind before choosing the chapter 13 plan.
- All of your debts cannot be paid with this and a certain amount of your secured and unsecured debt is essential to be paid in the chapter 13 plan.
- This payment plan will be made based on your earnings and your legal counselor from USAttorneys.com will ensure that you get a decent enough plan. Moreover, if you wish to retain your house or car/s then this is a right process for you.
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