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If you’re struggling with overwhelming debts, Chapter7bankruptcy could be your best option. Chapter7 is the most common form of bankruptcy for individuals and families, and it allows you to discharge many of your unsecured debts within only a few months. What is Chapter7Bankruptcy?
You may be considering Chapter7bankruptcy. Consulting with a Chapter7bankruptcy attorney in Boulder, CO, can help determine if it is the right solution. Our blog will provide a general overview of Chapter7bankruptcy. Filing for Chapter7bankruptcy triggers an automatic stay.
Those filing an emergency bankruptcy receive an automatic stay even before completing certain documents. An automatic stay is an injunction prohibiting creditors from collecting debts. If you’re in an emergency situation such as wage garnishment, eviction, or pending repossession filing an emergency bankruptcy may be right for you.
Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. One of our firm’s key strengths lies in our comprehensive understanding of both Chapter7 and Chapter 13 bankruptcy options.
When you file, a court injunction known as automatic stay protects you from debtcollectors. However, a bonus earned but not yet paid can be an asset in a Chapter7bankruptcy case. Sawin & Shea Can Help You Time Your Bankruptcy Case Properly.
What’s the Difference Between Chapter7 and Chapter 13? Put simply, Chapter7 is a liquidation while Chapter 13 is about reorganization. In the case of a Chapter7bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets.
When you fail to make payments on your secured debts and default, some creditors can immediately enforce their rights to seize your property without suing you. However, before a lawsuit is filed, lenders of unsecured debt will typically hire debtcollectors in an attempt to recover what you owe.
There are officially six separate categories of bankruptcy , each designated after a specific section of federal bankruptcy law. However, Chapter7 and Chapter 13 bankruptcy are the two types of bankruptcy that are most frequently filed. Chapter7 is known as liquidation in bankruptcy legislation.
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