Chapter 11 bankruptcy lets a debtor “reorganize.” He/she is able to keep their assets while they attempt to get their financial situation straightened out. There is a time frame of 120 days in which the debtor can work out a plan for repayment. An Aurora CO bankruptcy lawyer can arrange for an extension, if necessary. During this time, creditors are prohibited from making any attempts to collect. The time should be used wisely to work with a lawyer to come up with the right plan.
A debtor may be able to get out of a long term contract that is no longer feasible. Loan re-financing is another possibility.
Parker Lawyers has more than thirty years experience to offer. An Aurora, CO bankruptcy lawyer from this firm knows the legalities associated with filing for bankruptcy, and they are qualified to answer any questions you might have about the process. Call for a free consult: 303-841-9525.