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How Chapter 7 Bankruptcy Can Help
When you are financially suffering, unable to pay back debts you owe, it is time to consider bankruptcy. Bankruptcy is a system designed to help people in need, allowing them to move on without debt. To file for bankruptcy successfully, it is important to get the help of a skilled attorney.Aiello and Associates
Aiello and Associates is a Warren-based firm bringing more than seven decades of combined experience to each client’s case. We work with each individual to create a plan tailored to their needs, helping them achieve the best possible outcome to their Chapter 7 filing.
Chapter 7 Bankruptcy Is Unique
There are several types of bankruptcy, each meant for a different situation. In Chapter 7 bankruptcy:
- An individual or a business entity, anyone can file.
- The party who is filing must pass a means test, showing that they cannot afford to pay their debts.
- The bankruptcy trustee can sell most, if not all, of the filing party’s property to pay creditors.
- The process takes around three to six months.
A Chapter 7 bankruptcy is very quick, whereas other bankruptcy types can take years to complete. This type is fast and can allow you to move on quicker. However, it does require that most of your property be sold unless it is exempt.
We work with our clients to help them decide what form of bankruptcy is best for them, so they can move on quickly with their lives. If Chapter 7 bankruptcy is right for you, we will sit down with you and explain what you can expect, including what property you may lose by filing Chapter 7 bankruptcy.
Contact Us Today
Bankruptcy can be confusing and often scary. If you are considering bankruptcy, please contact us today. It may be the solution to your problems. You can reach our Warren office at 586-250-5527, or send us an online message.