Make a Fresh Start Today with the Help of a Bankruptcy Attorney in Grand Junction, CO
Nobody ever wants to have debts, but sometimes they’re completely unavoidable. It isn’t necessarily something bad. However, it can go beyond mere inconvenience and even ruin your life when your debt becomes too overwhelming. When it is no longer within your capacity to pay, your situation turns from stressful to almost hopeless. Most people in this position fear losing everything, but there are still courses of action you can take. If you are in this position, filing for bankruptcy may be the best option for you.
What Is Bankruptcy and How Does It Work?
Bankruptcy proceedings are meant to assist people who are no longer capable of paying their debts, and it gives them a fresh start by turning their assets into cash or by coming up with a repayment plan. However, filing for bankruptcy is not easy. There are numerous technicalities and laws you need to know before you can effectively decide what to do next. First of all, there are different types of bankruptcies that you can file in the State of Colorado. That is why having a well-versed bankruptcy attorney in Grand Junction, CO to help you understand which one is the right option that applies to you is very important.
Types of Bankruptcies
There are several chapters of bankruptcy that you can file that depend on several factors. Some of them differ based on whether you are filing as an individual or a business, your liabilities and assets, and whether you want to retain any of your properties. Whatever the case may be, you need a lawyer for bankruptcy in Grand Junction, CO to guide you before putting pen to paper.
The most common chapters of bankruptcy filed are Chapter 7, Chapter 11, and Chapter 13. Here is an overview of each, so you can gauge which might be applicable to you. When filing for any of these chapters, call for the assistance of a good bankruptcy attorney in Grand Junction, CO.
This is where most bankruptcies for individuals or couples are filed. Chapter 7 is known as straight up bankruptcy or liquidation. Here, the debtor/s are required to give up their property except any properties that are exempt. These properties are then used to pay your creditors.
Chapter 11, more commonly called reorganization, applies to businesses and individual debtors who have large debts to pay back. You have probably heard this mentioned anytime you’ve read about a business closing in the news.
If there are properties you don’t want to lose, then Chapter 13 might be better for you. Known as debt adjustment, this chapter for bankruptcy requires the debtor to file or submit a plan on how to pay their debts from their current income.
Seek the Help of a Lawyer for Bankruptcy in Grand Junction, CO!
One of the most important aspects of filing for bankruptcy is getting the right lawyer. Trace Tyler Law is a bankruptcy attorney in Grand Junction, CO with years of experience in handling bankruptcy cases and helping clients reach their fresh financial start. Filing for bankruptcy is not just a matter of paperwork. It also requires evidence and presentation. Trace Tyler can assist you with securing supporting evidence and documentation, including income tax returns, bank statements, and many others before helping you present your case in court.
If you feel hopeless or down because of your financial situation, Trace Tyler can help you. Schedule an appointment today and get advice from a professional lawyer for bankruptcy in Grand Junction, CO!