When filing Chapter 7 bankruptcy makes sense
Chapter 7 may be your best bankruptcy option if:
- You cannot pay your debts
- Your creditors are not pestering you or threatening to sue
- Your estate is small
- You do not have any debts with co-signers
If you are behind on your mortgage or car loan and wish to keep your home or vehicle, a Chapter 7 is most likely not the best bankruptcy tool. Under Chapter 7, a secured creditor, such as a loan holder, maintains the right to take the collateral to cover your debt. Therefore, if you wish to keep these items, you will need to get current on the debts.
Contact a Chapter 7 attorney you can count on
If you are considering bankruptcy, it is vital that you speak to an attorney who knows your options under the law. The key to an optimal outcome is the caliber of your Broomfield bankruptcy attorney. Lois Tabberson Gray, P.C. makes the process as straightforward as possible.
Schedule a free bankruptcy consultation today.