http://www.UtahBankruptcyOnline.com Utah Bankruptcy Attorney Answers the Question: Must I list all of my debts? and What you should do Prior to Picking A Bankruptcy.
Can I Declare Chapter 7 Bankruptcy or Chapter 13 Bankruptcy?
Many people have problem with the decision to submit bankruptcy. Usually this is because they have misconceptions regarding bankruptcy generally. Essentially, bankruptcy is a legal method to level the playing field between an individual debtor and creditors. It is a legal proceeding that provides the debtor with a new beginning.
Both sorts of bankruptcy that are most frequently readily available for an individual are: Chapter 7 and Chapter 13.
Chapter 7, or a complete elimination of debt, is what most people generally think of as bankruptcy. In Chapter 7 bankruptcy, a debtor’s non-exempt properties are sold off or sold and the profits are used to pay toward unsecured debts (bank card, lendings, clinical bills, and so on). In the overwhelming majority of instances, however, people do not lose any building which means unsecured lenders obtain nothing. At the end of the bankruptcy, approximately 3-4 months after declaring, the financial obligations are released and also the financial institution could never ever accumulate on the financial debt.
Chapter 13 is a debt reorganization or consolidation bankruptcy. If an individual has a normal monthly income, their financial debts (home mortgage arrears, auto repayments, charge card, medical bills, financings, student loans, etc.) are rolled right into one reduced month-to-month repayment. Because the debtor is repaying his lenders via this payment plan, the debtor does not run the risk of losing any type of properties as he could under Chapter 7 bankruptcy. In addition, while in the payment strategy, typically 3-5 years, lenders are quit from getting in touch with the debtor without very first undergoing 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
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