What is Chapter 7 Aurora

by | May 24, 2013 | Lawyer

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At some point or another, many people find themselves in a tight financial bind. There are many reasons this can happen, from overspending to medical expenses to emergencies. Whatever the reason may be, it happened. Now is the time to see if perhaps Chapter 7 Aurora could help the financial strain that a person is in. This can stop those nasty collector calls and make the wage garnishment stop.

Many people ask what chapter 7 is. This is a type of bankruptcy. A person will need to seek out legal professional help and see if this program is right for them. It may be right for some people, and not an option for others. It depends on the amount of debt a person has, what types, and the income a person makes. When deciding if this is the right option, a lawyer or attorney will ask that a person brings in information on all bills, all debts, paycheck stubs, information on assets, and more. It takes a lot of information to decide if this is the right course.

How does Chapter 7 Aurora help a person? Well collection calls are never fun and can be embarrassing at a place of work. This makes those stop. It can stop repossession and foreclosure. Wage garnishment will also be a thing of the past. It can take a lot of the stress and harassment out of the picture.

In this process, the debts that can be discharged will first be gone. Debts like a home loan or a car loan, which are types of secured debts, will go under a new contract and payment agreement to help the person keep them. While co-signers may be responsible for the debts, in most cases a spouse is not required to file for bankruptcy if they do not wish to. Speak to a lawyer for more information, to have all questions answered, and to see if this is the best course of action for your type of debts. Some things like government loans for college may not be forgiven, and a professional will go over what types of debts are and aren’t erased.


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