Bankruptcy: Exploring Your Options
Making the decision to file bankruptcy is not always easy. Bankruptcy is a powerful solution for people who have been struggling with debt and cannot find a way out. If you are considering bankruptcy, it is advisable to speak to a bankruptcy attorney about the process and your specific options.
At the law office of Jeffrey L. Hill, P.C., we can answer your questions about bankruptcy and help you make a decision that is right for you. If you want to set up a time to meet, please call our Centennial, Colorado, office at 303-800-7214.
Understanding Your Bankruptcy Options
Depending on your needs and goals for the future, we can explore the following types of bankruptcy with you:
- Chapter 7 bankruptcy: This is commonly known as “liquidation” bankruptcy, because it allows debtors to discharge the vast majority of unsecured debts. Eligibility for Chapter 7 bankruptcy is determined through a means test, which considers income, assets, debts and other factors.
- Chapter 13 bankruptcy: In Chapter 13 bankruptcy, a repayment plan is established, that lasts a period of three or five years. Through the Chapter 13 repayment plan, most people pay back far less than what they owe. This type of bankruptcy is effective for people who wish to save their homes and avoid foreclosure.
- Chapter 11 bankruptcy: Businesses and corporations can find debt relief through Chapter 11 bankruptcy. This type of bankruptcy allows the debtor to reorganize debts and make plans for the future profitability of a business. It is a strong solution for businesses that may be experiencing financial difficulties but have potential for profitability or for individuals with too much debt to qualify for Chapter 13.
There are other types of bankruptcy as well. We can explore your individual options during your initial consultation.
Contact Us For A Free Initial Consultation
If you have any questions or if you wish to set up a time to meet at our Denver office, please complete this online contact form.