At the Law Office of Michael Boyd, our Englewood bankruptcy lawyer knows how utterly frightening it can be when debt begins to pile up. If you are worried about bills you might not be able to pay, and are looking into bankruptcy as an option, we strongly recommend that you contact an experienced attorney who can help you to navigate the complexities of bankruptcy law.
We have been helping clients get back on their feet for over 20 years, and during this time we have found that several of the same questions pop up in almost every initial meeting. Read on below to learn more about bankruptcy, and contact us today to schedule your free consultation.
Bankruptcy is a procedure that allows you, the debtor, to catch up on your debts. This can mean discharging your debts, restructuring your debts to make them easier to pay, or a combination of both, depending on your situation.
After filing for bankruptcy, the courts will grant what is called an “automatic stay”.
When someone is approved for Chapter 7 bankruptcy, most or all of the debtor’s debt is discharged by the courts. To be approved for this chapter, applicants must pass a means test.
A Chapter 13 bankruptcy, on the other hand, restructures your existing debt and sets up a manageable payment plan to which the debtor must adhere. This chapter will stop a looming foreclosure, and our excellent negotiating skills may be able to help lower interest rates and more.
Our Englewood bankruptcy attorney knows how overwhelming it can be to try to face massive debts, but it is important to remember: you are not alone! Our entire legal team here works tirelessly to ensure that you are given the chance that you need and deserve to turn over a new leaf.
Call us today at (201) 383-6173 to learn more about the debt relief solutions that may be right for you! We offer free consultations.