http://www.UtahBankruptcyOnline.com Utah Chapter 7 Bankruptcy Attorney Answers the Question: Do I have to list all my assets? and What you should do Before Deciding On A Bankruptcy.
Can I Apply for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy?
Many individuals struggle with the decision to file bankruptcy. Normally this is since they have misconceptions concerning bankruptcy as a whole. Generally, bankruptcy is a legal method to level the playing area in between a specific debtor as well as creditors. It is a legal proceeding that provides the debtor with a clean slate.
Both types of bankruptcy that are most frequently available for an individual are: Chapter 7 and also Chapter 13.
Chapter 7, or a fresh start, is what most individuals typically think of as bankruptcy. In Chapter 7 bankruptcy, a debtor’s non-exempt assets are liquidated or sold and also the profits are utilized to pay towards unsecured financial obligations (charge card, loans, clinical costs, etc.). In the frustrating majority of situations, nevertheless, individuals do not shed any home which indicates unsecured financial institutions obtain absolutely nothing. At the end of the bankruptcy, approximately 3-4 months after declaring, the debts are discharged and also the creditor could never gather on the financial obligation.
Chapter 13 is a financial debt reorganization or consolidation bankruptcy. If a person has a routine month-to-month income, their debts (home mortgage defaults, automobile payments, credit cards, medical costs, financings, trainee financings, etc.) are rolled into one low regular monthly payment. Since the debtor is repaying his creditors via this payment plan, the debtor does not risk shedding any possessions as he might under Chapter 7 bankruptcy. Furthermore, while in the repayment strategy, generally 3-5 years, lenders are quit from consulting with the debtor without first undergoing the debtor’s attorney and the court.
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location : 8833 So. Redwood Road, West Jordon, UT 84088
Top reviewed chptr 11 bankruptcyAttorney in Salt Lake Utah is here to assist you in your difficult situation. Let me know if you found this video useful.
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#AscentLawFirm This applies to you if you live in South Jordan, Bingham Canyon, Pepperwood, Cottonwood Heights, Salt Lake City, Sandy, Taylorsville, Midvale, Riverton, Draper, Copperton, West Jordan, Magna, Alpine, Lehi, Tooele, Murray City, North Salt Lake, Bountiful, Woods Cross, Lindon, Centerville, Orem, Park City, Farmington, Provo, West Valley City, Sandy City, West Jordan, Kaysville, Layton, Syracuse, Clearfield, Hill AFB, or Grantsville.
Bankruptcy Attorney in South Jordan Utah
Bankruptcy Lawyer Centerville Utah
8833 S. Redwood Road, Suite C
West Jordan, Utah 84088 United States
Telephone: (801) 876-5875
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