http://www.Guardian-Law.com Utah Chapter 11 Bankruptcy Attorney Answers the Question: Do I have to list all my assets? and What you should do Before Choosing A Chapter 7.
Can I File for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy?
Many people deal with the decision to file bankruptcy. Normally this is since they have mistaken beliefs regarding bankruptcy in general. Generally, bankruptcy is a legal method to level the playing field in between a specific debtor and also financial institutions. It is a legal proceeding that gives the debtor with a fresh start.
Both kinds of bankruptcy that are most typically available for a person are: Chapter 7 and also Chapter 13.
Chapter 7, or a fresh start, is just what most people commonly think of as bankruptcy. In Chapter 7 bankruptcy, a debtor’s non-exempt properties are liquidated or offered as well as the profits are used to pay towards unsecured financial debts (bank card, loans, medical bills, etc.). In the frustrating bulk of cases, nonetheless, people do not shed any kind of building which implies unsecured creditors get absolutely nothing. At the end of the bankruptcy, roughly 3-4 months after declaring, the financial debts are discharged and also the financial institution could never ever gather on the financial obligation.
Chapter 13 is a financial obligation reorganization or consolidation bankruptcy. If a person has a regular monthly earnings, their financial obligations (home loan defaults, vehicle repayments, credit cards, clinical expenses, loans, trainee lendings, etc.) are rolled right into one reduced regular monthly payment. Since the debtor is repaying his creditors with this payment strategy, the debtor does not run the risk of shedding any assets as he might under Chapter 7 bankruptcy. Additionally, while in the repayment plan, typically 3-5 years, financial institutions are quit from calling the debtor without first going through the debtor’s lawyer as well as the court.
If you want a 5 star rated bankruptcy law firm in Utah Call if you’re ready 801-676-5506
office : 8833 S Redwood Rd, West Jordan, Utah 84088
The Absolute Best Chapter 13 BKLawyer in Taylorsville Utah is here to assist you in your lonely divorce. Let me know if you found this video useful.
This video is for you if you need to know who is the best bankruptcy attorney in West Valley City UT and how to contact him. We also do divorce and child custody cases.
#JimBalmforth 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.
8833 S. Redwood Road, Suite C
West Jordan, Utah 84088 United States
Telephone: (801) 876-5875