If your bills are piling up and you are having a hard time making ends meet, a Chapter 13 or a Chapter 7 bankruptcy may be the debt relief option you need. The attorneys at The Law Firm of Dennis A. Lacerte can help you determine whether filing bankruptcy is the appropriate course of action. Whether to file a Chapter 7 or a Chapter 13 bankruptcy depends on the nature of your financial problem and your prospective resources after filing the petition.
Chapter 7 Bankruptcy
Are intended to help individuals obtain relief from debt when their budget makes it impossible or too difficult to afford basic living expenses, much less make payments on their debts. Debtors in Chapter 7 are able to receive a discharge and move on from bankruptcy within months of filing. This ability to receive a prompt discharge and a fresh start offers great relief to debtors filing Chapter 7 bankruptcy petitions.
Chapter 13 Bankruptcy
Are intended to help individuals who have a stable income and who are able to commit to a long-term financial plan (up to five years). A Chapter 13 can be helpful for clients who want to find a way to catch up on mortgage payments and keep their house. It can also ensure that debtors are able to retain property that would otherwise be liquidated (sold) in a Chapter 7 bankruptcy. Finally, while the Chapter 13 bankruptcy is pending, creditors cannot seek payment from co-obligors on listed debts.
Free Initial Consultation
For general information, or to schedule a free initial half-hour consultation with one of our experienced attorneys, please contact below or call us at (303) 708-1300.
The Law Firm of Dennis A. Lacerte
Centennial, CO 80111