Are you struggling to make ends meet? Are you overwhelmed by the stress of harassing debt collection calls? Are you stretched thin because your wages are being garnished at work? Don’t worry. There is a way to deal with your debt in Centennial, Littleton, and Auora. One of the most common forms of bankruptcy is Chapter 7 bankruptcy. This is because by filing, you are able to liquidate almost all of your debt, which gives you the chance to get a fresh financial start. The Christmas season is all about joy and giving. It’s also a season to reevaluate your life and make changes that will benefit your family in the coming year.
Chapter 7 Bankruptcy: Provides Relief from Debt
Chapter 7 bankruptcy is often referred to as “liquidation bankruptcy.” This is because, when you file, it potentially eliminates most of your debt, allowing you to get a fresh start. There are many nuances to the bankruptcy code, which is why it is best to hire a knowledgeable bankruptcy attorney who will know the tactics and exemptions to get you the best discharge possible.
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A Bit about Chapter 7 Bankruptcy
Chapter 7 bankruptcy has a few rules which are important to understand if you are researching your debt relief options. Here are a few things you need to consider:
Some types of property could be liquidated (sold at auction) to pay off some of your debts. In most cases, however, my clients are not required to sell off valuable property during the bankruptcy process.
There are some types of debt which cannot be discharged by filing for Chapter 7 bankruptcy. The most common of these are student loans, and child support payments.
You must complete debt counseling before you file for Chapter 7. If you have questions about which counseling to complete, contact me for more details.
In order to qualify to file for Chapter 7 bankruptcy, debtors must pass the “means test.” Calculations of your income and debt are done in order to see if you have enough income to file for Chapter 13 bankruptcy instead.
It is important to accurately calculate your median income. If you are below the median income, you won’t be required to take the means test, and can file for Chapter 7 bankruptcy.
Hire a Lawyer to Get the Best Fresh Start this Christmas
As the new year approaches, it is a good time to consider a fresh financial start.
If you are struggling this Christmas season, and are worried about being able to buy presents or festive food and decorations, stop and take a moment to consider filing for bankruptcy. This legal right is available to all citizens – use it to get a fresh financial start. I have been a bankruptcy attorney for over 20 years, and have helped hundreds of good people discharge their debt and begin a new chapter in their lives. Don’t hesitate: Call me for a free consultation today.
If you’re struggling to make ends meet this Christmas season, don’t hesitate to contact experienced bankruptcy lawyer Barry Arrington for a free initial consultation at 303-205-7870.
He will help you get the best fresh start possible.