Though most people do not ever plan on the need for filing for bankruptcy, issues can arise that cause you to have no other choice. When your creditors are constantly harassing you and threatening to garnish your wages or take you to court, you may need to consider filing. Through the Bankruptcy Attorneys in Colorado Springs, you can learn about your options for filing for bankruptcy, so you can overcome your debt and find peace of mind again. This information will assist you in knowing what to expect from the process, so you can make an informed decision.
To find out what type of bankruptcy will best benefit you, you will need to bring in information on all of the debts you owe. You will also need to provide information on your income and assets. All of this information will be gathered to help you make a decision on which type of bankruptcy will best benefit your financial situation.
If you have plenty of non-essential assets, you may want to consider filing for chapter 7 bankruptcy. This is the fastest option for filing for bankruptcy, but it does involve the liquidation of all of your assets. During this process, your assets are sold to pay off your debts as much as possible. Through a trustee, your debts can be taken care of in as little as six months.
Through chapter 13, you can be rid of your debts without losing your assets. You simply need to list all of your debts, so they will be covered under your bankruptcy. You will then be required to pay a monthly payment through the court. This payment is dispersed among all of your creditors, so your debts can be paid down during the period of your bankruptcy. Most of these bankruptcies last from two to five years, depending on the amount of debt you owe.
They will be glad to assist you in filing for bankruptcy, so you no longer have to be stressed about your debts. Contact them today for further information.