When deep in debt, one of the few options that people often have is filing an insolvency petition with the help of a bankruptcy lawyer Salt Lake City. This will help them pay their outstanding debts comfortably and get legal protection from creditors and debt collection agencies. Below are some tips to make the entire process of declaring bankruptcy easier.
Chapter 7 is one of the most popular bankruptcy options in the US. It allows the court to liquidate all non-exempt assets belonging to the debtor in order to recover funds to be distributed amongst creditors. The court normally appoints a trustee who will be responsible for the entire process. Your attorney will ensure that no exempt asset is touched during the liquidation process.
Businesses, whether organized or not, can apply for chapter 11 when they are unable to service their debts with the current repayment terms. However, debtors must satisfy one condition; they must have a reliable revenue source. The owner of the business will be required to propose a repayment plan. If approved, the business will repay its debts for a given period of time. In case of default, chapter 7 proceedings will be initiated. Every valuable item belonging to the business will be auctioned off.
Bankruptcies can either be involuntary or voluntary. The latter is where a debtor asks the court to declare him or her bankrupt in order to get legal protection from collection agents and creditors. The former is where creditors petition the court to declare a debtor bankrupt so that they can get back what is owed to them. In both cases, there are rules and regulations to be adhered to by both parties. Therefore, hiring an attorney to provide legal advice is important.
Individuals qualify for both chapters 7 and 13. The latter is more advantageous because liquidation is not done. The debtor is also required to propose a repayment plan that is conducive to him or her and present it before the court and committee of creditors. If approved, the plan must be followed to the end. Upon completion, all debts in question will be forgiven. However, any default will lead to conversion of the chapter to outright liquidation.
Bankruptcies have several benefits to all parties involved. For instance, it gives creditors a chance to recover their money. Debtors on the other hand, get protection of the court from collection agencies and creditors. They also get a chance to get rid of all their bad debts. That said, working with a qualified attorney is important.
Hiring an experienced lawyer is a good idea. Look for lawyers who have handled numerous bankruptcies over the recent years. The right attorney can help you to file the necessary paperwork with the right court in the city. These legal professionals may come in very handy when you need legal jargon interpreted.
When looking for a bankruptcy lawyer Salt Lake City debtors should always take their time to carry out a little bit of research. The Internet has a lot of information about attorneys who practice in Salt Lake City. Therefore, you can easily find a suitable attorney using your Internet-enabled cell phone or PC.
Chapter 7 is one of the most popular bankruptcy options in the US. It allows the court to liquidate all non-exempt assets belonging to the debtor in order to recover funds to be distributed amongst creditors. The court normally appoints a trustee who will be responsible for the entire process. Your attorney will ensure that no exempt asset is touched during the liquidation process.
Businesses, whether organized or not, can apply for chapter 11 when they are unable to service their debts with the current repayment terms. However, debtors must satisfy one condition; they must have a reliable revenue source. The owner of the business will be required to propose a repayment plan. If approved, the business will repay its debts for a given period of time. In case of default, chapter 7 proceedings will be initiated. Every valuable item belonging to the business will be auctioned off.
Bankruptcies can either be involuntary or voluntary. The latter is where a debtor asks the court to declare him or her bankrupt in order to get legal protection from collection agents and creditors. The former is where creditors petition the court to declare a debtor bankrupt so that they can get back what is owed to them. In both cases, there are rules and regulations to be adhered to by both parties. Therefore, hiring an attorney to provide legal advice is important.
Individuals qualify for both chapters 7 and 13. The latter is more advantageous because liquidation is not done. The debtor is also required to propose a repayment plan that is conducive to him or her and present it before the court and committee of creditors. If approved, the plan must be followed to the end. Upon completion, all debts in question will be forgiven. However, any default will lead to conversion of the chapter to outright liquidation.
Bankruptcies have several benefits to all parties involved. For instance, it gives creditors a chance to recover their money. Debtors on the other hand, get protection of the court from collection agencies and creditors. They also get a chance to get rid of all their bad debts. That said, working with a qualified attorney is important.
Hiring an experienced lawyer is a good idea. Look for lawyers who have handled numerous bankruptcies over the recent years. The right attorney can help you to file the necessary paperwork with the right court in the city. These legal professionals may come in very handy when you need legal jargon interpreted.
When looking for a bankruptcy lawyer Salt Lake City debtors should always take their time to carry out a little bit of research. The Internet has a lot of information about attorneys who practice in Salt Lake City. Therefore, you can easily find a suitable attorney using your Internet-enabled cell phone or PC.
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