Most people would agree that going bankrupt is not a pleasant thought. However, for consumers who are overwhelmed with debt, it may be the light at the end of the tunnel. It is essential for clients to understand all their options regarding this action. For this reason, it is wise for individuals who find themselves in such circumstances to seek the services of a Fort Collins bankruptcy attorney.
Prospective filers must understand that process of going bankrupt was designed to break the deadlock between consumers and lenders. All the debtor’s financial obligations will not necessarily be eliminated, however. In most cases, the consumer is given leeway to maintain his or her household, while providing a certain amount of compensation to those to whom monies are owed.
Individual bankruptcies are typically filed under chapter seven. The latter requires that debts be satisfied through the liquidation of property and assets. Chapter eleven is also an option for some individuals. This chapter allows the consumer to discharge certain debts entirely, and pay off others with future income.
Contact from loan officers or collection agencies must stop when creditors receive notice that a person is planning to go bankrupt. Credit card companies and banks are typically informed of this in writing. This task is almost always handled by the filer’s attorney.
As previously mentioned, with certain bankruptcies the filer is allowed to retain specific assets that the courts regard as necessary to his or her livelihood. These may include an automobile, and the individual’s home. This is a good topic to discuss with one’s attorney, as such details will vary from case to case.
Speaking to a qualified attorney about the advantages and disadvantages involved with the aforementioned process is essential. During such a consultation one can learn about various options prior to finalizing his or her plans. Those facing overwhelming financial problems should consult a Fort Collins bankruptcy attorney without delay.
Fort Collins bankruptcy attorney is ready to explain all your insolvency options. To arrange for a consultation now, click here at http://www.loomisgreene.com now.