A bankruptcy lawyer in Burlington, IA can help people regain control of their financial life. This process is a legal strategy that helps individuals, families, and business owners resolve the overbearing debt. It is a complex issue with many moving parts but with the help of a local bankruptcy attorney in Burlington, IA, people can get a fresh start.
Chapter 7
There are four basic types of bankruptcy. Chapter 7 revolves around selling off assets to pay off debt. There are many nuances to what can and cannot be sold. For example, you may not be forced to sell your primary home. Before charging into this process, it is a good idea to consult with a bankruptcy lawyer in Burlington, IA.
Chapter 13
If you have a steady flow of income, this type of bankruptcy may work for you. This method allows you to pay off your creditors over a specific time frame. The courts will arrange this. Many people can resolve their debt in less than 10 years.
Chapter 11
This type of bankruptcy is a lifeline for business owners. Owners may be able to restructure contracts and develop workable payment plans that allow them to stay in operation. If the company is still making money, this could be an option to explore.
Benefits
There are pros and cons to filing for bankruptcy, but the benefits are it can offer relief. Some consequences come with this action. It could have a significant impact on your credit score, but the effects do not last forever. For more details, visit a local bankruptcy attorney in Burlington, IA. For more information visit Cray Law PLC today.
