The reasons for falling into serious debt are many. You might have just lost your job. As a result, you might not be able to service your loan installments. Immediately, the loan sharks will begin calling you. You do not have any other option but to do something about your debts. If you cannot afford your payments, you have a way out. You can file bankruptcy chapter 7 proceeding in a court of law. The worst thing you can do is nothing. Eventually your wages will be garnished which may prevent you from being able to afford a bankruptcy attorney.

Your attorney will consider whether you qualify for a bankruptcy chapter 7 or bankruptcy chapter 13 proceeding. The basic difference between the two is that chapter 7 is a liquidation and chapter 13 is a reorganization. If you are unemployed or below median wage you qualify for a bankruptcy chapter 7. If you have above average income sources but are not able to service your loans, you may qualify for a chapter 13 bankruptcy proceeding.

The first thing to do under the circumstances is to consult a bankruptcy attorney at Consumer Pro Law. Your attorney will consider all your income sources, financial history, and assets to suggest an appropriate course of action. Chapter 7 proceedings are for people who have below average income and no valuable assets such as a home with a lot of equity. However, if you have valuable assets, your principal aim will be to safeguard the assets from your creditors who may seize them to pay down your debts.

Chapter 13 allows you the freedom to seek a restructuring of your debts whereby you can apportion a percentage of your disposable income towards repayment. This may be the best available solution under the circumstances. You have some benefits as well such as the facility to catch up your missed mortgage payments. Chapter 7 does not allow you this liberty. Your bankruptcy attorney can help you determine if a chapter 13 is appropriate. This type of bankruptcy is known as a reorganization bankruptcy. Consumer Law Pro are the best option in Denver, Colorado not only because of their expertise but also because of their affordable fee structure.Visit https://consumerlawpro.com/