Life can simply change in minutes. The one who is enjoying being riches today can be a bankrupt the other moment. This is not just a say but is a fact. You might have seen or read of several people getting bankrupt in days. And the most common examples can be seen in the recent times during the phase of economic downturn. Getting bankrupt became really common in the society. So here we thought to discuss the same issue.
Bankruptcy can be generally seen as an issue when the individual feels the inability to pay off his debts and bills and runs out of finance. This can be a the result of several reasons- like loss in business, some unexpected natural calamity resulting into complete destruction of the property or divorce or separation resulting into distribution of alimony. Now such conditions can really affect your financial status and can really become hard to bear. One may be even troubled by the constant interruption by the money lenders who would stay there at the doors and shouting. Such situations can be really critical. Being a Denver Bankruptcy attorney I have seen several people who just feel it very easy to file for bankruptcy while the other who doesn’t even know if filing bankruptcy can resolve their several issues.
Believe me bankruptcy can really resolve several of your issue. But before you could file for Bankruptcy you need to consult your financial condition with some Denver Bankruptcy lawyer who can help you know, what exactly are the most suitable options for you for filing a bankruptcy in federal court? When you filing a bankruptcy, there are two main laws, under which your case is going to be evaluated. One is the Chapter 7 Bankruptcy and the other is Chapter 13 Bankruptcy.
Chapter 7 Bankruptcy is the most common form of Bankruptcy being filed in America. According to Chapter 7 Bankruptcy the debtor is allowed to clear his debts after filing the bankruptcy in the federal court. According to Chapter 7 Bankruptcy the debtor is allowed to pay off his debts by mortgaging his property. But before that the debtor has to clear the means test and the court will appoint the trustee who will prepare the complete list of lendings and burrowings. The entire property is divided into exempt and non exempt property. The debtor is allowed to pay off his debts by mortgaging his non exempt property.
But unlike the Chapter 7, the chapter 13 allows the debtor to rearrange his debts and pay them in installments. Again a bankruptcy trustee is appointed who collects all the information about the debts and the debtor’s current income. For Filing chapter 13 bankruptcy the debtor must earn a regular income. And under chapter 13 the trustee rearranges all the debts and the debtors current income and the debtor is allowed to repay the debts within small installments within a specific period of time. Throughout the bankruptcy filing the role of Denver Bankruptcy attorney remains quite crucial. So if you are facing similar condition of economic collapse then you can consult the highly experienced Denver Bankruptcy lawyers. For more information and free consultation you can log onto: www.Denver-Law-Firm.com
John Henry is a legal expert who is working in Denver-Law-firm. If you are involved in any of the legal cases you can simply contact our Denver lawyers. Our Denver attorneys will ensure you have a strong representation in the court and are able to draw verdicts in your favor.