http://www.Guardian-Law.com Utah Chapter 12 Bankruptcy Attorney Answers the Question: Do I have to list all my assets? and What you should do Prior to Selecting A Bankruptcy.
Can I Apply for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy?
Lots of people deal with the decision to file bankruptcy. Typically this is due to the fact that they have mistaken beliefs about bankruptcy as a whole. Basically, bankruptcy is a lawful means to level the having fun area in between a specific debtor and creditors. It is a legal action that offers the debtor with a new beginning.
The two types of bankruptcy that are most commonly readily available for an individual are: Chapter 7 and Chapter 13.
Chapter 7, or a complete elimination of debt, is what many people normally consider bankruptcy. In Chapter 7 bankruptcy, a debtor’s non-exempt assets are liquidated or marketed as well as the profits are utilized to pay towards unsecured financial debts (charge card, financings, clinical bills, etc.). In the overwhelming majority of situations, nevertheless, people do not shed any home which means unsecured creditors get absolutely nothing. At the end of the bankruptcy, approximately 3-4 months after filing, the financial debts are released and also the creditor could never ever collect on the financial obligation.
Chapter 13 is a financial debt reconstruction or consolidation bankruptcy. If a person has a regular month-to-month income, their financial obligations (home mortgage arrears, automobile payments, bank card, clinical bills, lendings, student loans, etc.) are rolled right into one reduced regular monthly repayment. Since the debtor is paying back his lenders via this payment plan, the debtor does not risk losing any kind of possessions as he may under Chapter 7 bankruptcy. Additionally, while in the payment plan, usually 3-5 years, creditors are stopped from consulting with the debtor without initial going through the debtor’s lawyer as well as the court.
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8833 S. Redwood Road, Suite C
West Jordan, Utah 84088 United States
Telephone: (801) 876-5875