-- While a federal process, bankruptcy law can vary by state or territory. Since bankruptcy is not a one size fits all situation it is imperative that a lawyer is utilized to assess your situation and to counsel you on the right step for you. The Law Office of Nathaniel J. Thompson, or NJT Law, is there to help you in every step of the bankruptcy process.
As your attorney, the first determination that Nate with NJT Law will make is which type of bankruptcy is a good fit for you. The most common being either Chapter 7 or Chapter 13. For an individual that does not have a large amount of assets or something that is considered a high asset, Chapter 7 could be the best bet for them. The trustee assigned to your bankruptcy case will review a list of your assets and determine whether your assets may be liquidated or sold for the benefit of your creditors. Then the trustee will determine which assets to liquidate. Chapter 7 also allows certain exemptions in order to protect an individual’s home, cars, furniture etc. Chapter 7 cases tend to move fast and the person filing may have the opportunity to clear their debts without losing too much.
Conversely, Chapter 13 bankruptcy allows a person to create a payment plan to reorganize. Chapter 13 can be advantageous to a person who wants to keep an asset which would be sold in chapter 7 or wants to force a repayment plan to repay arrears on a mortgage. Chapter 13 allows an individual to evaluate the amount of debt that they have versus their assets and income and to organize a repayment plan to the creditors over the course of a predetermined amount of time not exceeding five years. A benefit to this plan is that even if your full amount of debt is not paid back within the plan period the remaining debt will be discharged. As a debtor you have rights and obligations under each of these bankruptcy options. Regardless of your situation or circumstance, a lawyer will be able to keep you apprised of your rights and your obligations.
Nate with NJT Law has practiced bankruptcy law since 2009. He has the experience and the knowledge to assist you with the complexities of bankruptcy law. As a licensed attorney he can work on your behalf to negotiate with creditors, verify that your situation meets the requirements, and file the appropriate paperwork needed. Once a plan is confirmed,, Nate will work with you to make sure the court’s determination is followed. Bankruptcy law can be complicated which could add to a high stress situation. Nate with NJT Law can assist you by providing clarity and in turn making bankruptcy manageable. Servicing all of Colorado and offering free consultations NJT Law is the best option for anyone facing bankruptcy.
This publication is for informational purposes only and is not intended to be legal advice and you should consult an attorney to review your particular circumstances.
https://www.njtlawcolorado.com/
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