Though it is not right for everyone, bankruptcy can be an extremely effective way of dealing with credit card debt, medical bills, unsecured and secured loans, lines of credit and other financial obligations that are not affordable. Utah Bankruptcy attorney, Ryan E. Simpson, can answer all of your questions. Contact us to set up a consultation with Ryan.
What Happens in a Bankruptcy? What Type Will Work for Me?
Bankruptcy is a legal process governed by federal law. When individuals or organizations file in court, they get legal protection from specific debts named in the filing. When a debt has been included, the creditor is ordered to stop collection efforts on that debt.
Chapter 7 and 13 Bankruptcy in Utah
The most common forms of personal bankruptcy are Chapter 7 and Chapter 13. Chapter 11 reorganizations are also available to individuals and married couples, but in most situations the same goals can be achieved at less expense under Chapter 13. In some cases, however, Chapter 13 is not available due to the amount of debt, and the more costly Chapter 11 is the option available.
Chapter 7 bankruptcy quickly gives the filer a fresh start by effectively erasing unaffordable debt. A means test, which measures a person’s ability to pay his or her debts, is required to qualify in most cases. Not everyone can qualify for this type, and those who do qualify may be required to liquidate certain assets in the process. When appropriate, though, Chapter 7 can be an excellent way of discharging debts like credit cards and personal loans.
Chapter 13 bankruptcy provides the same fresh start as Chapter 7, but is different in that a plan is made to pay off some or all of the debts in a way that the debtor can afford. These repayment plans usually span a three to five-year period. A trustee is appointed to review the plan, make recommendations to the court on the plan’s compliance with the law, and to oversee the monthly payments. Since Chapter 13 filings are more complicated and lengthy affairs, the legal costs involved are higher. Talk to experienced our Utah bankruptcy attorney to find out if bankruptcy could be an option for you. Learn more at http://markalexander.over-blog.com
Hire A Good Bankruptcy Attorney
When you have unique problems, unique situations, a good lawyer is indispensible. But for the average case he primarily relieves the client of the paperwork, provides a shoulder to cry on and holds your hand through the hearing. The discharge that he obtains for you is no more valid then the one you acquire on your own. Your most crucial function is to ﬁgure out if your case is average and ordinary. This book is focused on giving you the tools to ﬁgure that out. There’s nothing in here designed to steer you into the arms of a lawyer or other professional, nor is there anything in here designed to get you to ﬁle bankruptcy. This is why you need a bankruptcy attorney.
That decision is yours and yours alone. There are personal ramiﬁcations to ﬁling, kind of like a divorce, you know this because you are feeling them right now. I have never recommended that a person ﬁle. I can tell you that the worst thing about ﬁling bankruptcy is, not your credit… your credit sucks right now or you’re not reading this. The worst thing is, you can’t ﬁle again for eight years! Learn more at http://3544093hv3v.com