If you find yourself between a rock and a hard place and the only way out is to file for bankruptcy, there are numerous reasons why you may find chapter 7 to be the most suitable. With this, you could start afresh in just about three months. On the down side, you will be forced to give up your assets and they will be sold off and the proceeds will in turn settle your debts with creditors. Before filing for Chapter 7 Salt Lake City Utah residents should seek the expertise of top rated local attorneys.
The most basic step should be finding out whether you are qualified to file under the chapter 7 bankruptcy laws. Your attorney could guide you through the required tests that would basically reveal your discretionary income. People whose average proceeds are more than the median income within the state cannot file for bankruptcy under Chapter 7.
If you qualify and can proceed with the filing, the courts will need you to have your property assessed. The idea is for the judges to have adequate information about the descriptions of your dischargeable debts, nonexempt property. This information will later be used to determine how your creditors will be paid off.
Secured debts are looked at differently. With this, you are required to reaffirm, surrender or redeem the secured debts. By surrendering a debt, you allow your creditor to repossess it. You also have the option of reaffirming a debt and in this case, you and your creditor will get into a new payment agreement. If you choose to redeem a debt, you will be committing yourself to paying for a property based on its present value.
Credit counseling is required before you can start filing your case. The sessions will involve getting a deeper understanding of your situation and what being declared bankrupt under chapter 7 would mean. You will also get plenty of information regarding alternatives you could consider. Approximately 180 days after receiving counseling, you can now start filing the needful paperwork.
The next step is to file the required paperwork. The court will need information about your property, your income and your debt. You also have to provide a certificate that affirms that you fulfilled counseling requirements. A dependable attorney would assist with the required paperwork and ensure that you do not make any mistakes.
Even with chapter 7, the courts will appoint a trustee to handle your creditors once your assets are liquidated. In this respect, a creditors meeting will be held and during the sessions, various questions regarding your debts and paperwork may be asked. It is essential for you to get adequate professional guidance before you appear in court to answer the relevant questions.
After the creditors meeting, you will have to enroll in a financial management course. You are likely to receive a discharge notice in about two months after meeting with your creditors and the trustee, though you must present a financial management certificate before the discharge notice is issued. It can be intimidating to go through the whole process alone and hence you should not underestimate the importance of working with a seasoned lawyer.
The most basic step should be finding out whether you are qualified to file under the chapter 7 bankruptcy laws. Your attorney could guide you through the required tests that would basically reveal your discretionary income. People whose average proceeds are more than the median income within the state cannot file for bankruptcy under Chapter 7.
If you qualify and can proceed with the filing, the courts will need you to have your property assessed. The idea is for the judges to have adequate information about the descriptions of your dischargeable debts, nonexempt property. This information will later be used to determine how your creditors will be paid off.
Secured debts are looked at differently. With this, you are required to reaffirm, surrender or redeem the secured debts. By surrendering a debt, you allow your creditor to repossess it. You also have the option of reaffirming a debt and in this case, you and your creditor will get into a new payment agreement. If you choose to redeem a debt, you will be committing yourself to paying for a property based on its present value.
Credit counseling is required before you can start filing your case. The sessions will involve getting a deeper understanding of your situation and what being declared bankrupt under chapter 7 would mean. You will also get plenty of information regarding alternatives you could consider. Approximately 180 days after receiving counseling, you can now start filing the needful paperwork.
The next step is to file the required paperwork. The court will need information about your property, your income and your debt. You also have to provide a certificate that affirms that you fulfilled counseling requirements. A dependable attorney would assist with the required paperwork and ensure that you do not make any mistakes.
Even with chapter 7, the courts will appoint a trustee to handle your creditors once your assets are liquidated. In this respect, a creditors meeting will be held and during the sessions, various questions regarding your debts and paperwork may be asked. It is essential for you to get adequate professional guidance before you appear in court to answer the relevant questions.
After the creditors meeting, you will have to enroll in a financial management course. You are likely to receive a discharge notice in about two months after meeting with your creditors and the trustee, though you must present a financial management certificate before the discharge notice is issued. It can be intimidating to go through the whole process alone and hence you should not underestimate the importance of working with a seasoned lawyer.
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When you are searching for information about Chapter 7 Salt Lake City Utah residents can visit our web pages today. More details are available http://www.bankruptcyutah.com/services now.
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