When overwhelming debts begin to influence the decisions that Parker residents make about their finances and futures, it may be time for them to take big steps to remedy their economic woes. There are a number of ways that individuals may seek to improve their financial standing on their own, but when their problems are too big to manage on their own they may need to look into legal options like personal bankruptcy. There are two forms of personal bankruptcy that individuals often use to improve their debt situations: Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Each form of bankruptcy has different qualification requirements and different advantages and drawbacks. Some readers of this legal blog may just be learning that “bankruptcy” can mean more than one thing, and may require different obligations of different debtors. Because bankruptcy law is complex and can impose significant requirements upon those who seek to use it to better their debt problems, it is important that they understand what they are getting into before they start the process.
The Bruntz Law Firm offers legal support to individuals who are caught under a burdensome load of debt. They provide advice and guidance to individuals who may benefit from personal bankruptcy and offer help as they begin their journeys through the bankruptcy courts.
Bankruptcy is not for everyone and may not alleviate the financial problems plaguing a Colorado family. Speaking with a bankruptcy law professional about one’s financial needs, problems, and expectations may offer them the confidence they need to make an important decision to eliminate their debts and secure their financial futures.