It is challenging to file for bankruptcy but filers can make this process simpler if they use the services of a lawyer who specializes in cases involving insolvency. If they hire a reputable bankruptcy lawyer Salt Lake City dwellers can get the expert advice they need to determine if it is appropriate to file for insolvency. They will also receive the assistance they need to efficiently go through the legal processes involved in such cases.
In most cases, individuals declare themselves bankrupt because they have high credit card debt and other problems like job loss, personal injuries and divorce among others. These problems bring about additional penalties and debts. By taking advantage of bankruptcy law, these individuals can start living normally again instead of looking for ways to repay the huge debts.
If you have declared yourself bankrupt, there are two major types of bankruptcies that you can file. These are chapter 7 and 13. Chapter 7 bankruptcy can assist you to get rid of the unsecured debts you have but you have to give up the non exempt properties you own. People who do not have equity or non exempt property can file for no asset bankruptcy.
Unlike chapter 7 which takes only few months to eliminate a debt, chapter 13 will take three to five years. In this chapter, you will not give up your assets but you will have to repay a certain portion of your debt and live within a budget that will be closely monitored by a bankruptcy court trustee. In a situation where you are not able to pay the required amount per month, you will have to convert to a chapter seven insolvency to eliminate your debts.
You can file for Chapter 13 insolvency if you have failed to make payments on secured debts such a mortgage and you want to propose a chapter 13 plan in order to catch up on such payments. A mathematical formula, which is referred to as the means test is used to determine the kind of bankruptcy you can qualify for. It takes into account the kind and amount of debt you have, your monthly earnings and other factors related to your finances.
Hiring a qualified attorney is essential and people filing for insolvency can ask their friends, relatives and coworkers to provide them with recommendations. The testimonies that residents of this city can get from individuals who have filed for insolvency can help them select the right attorney. They should gather as much information about the lawyers recommended to them and hold interviews with them.
Salt Lake City dwellers can also find a reputable insolvency attorney by seeking recommendations from the local bar association. Their personal lawyers can also help them find such a professional. The other way they can find a good attorney who represents insolvent individuals is to visit a reputable law firm and select the attorney who fits their preferences.
Before they use the services of a bankruptcy lawyer Salt Lake City inhabitants should look at the credentials and experience that the professional has. They should consider if he or she has represented people facing a similar situation to theirs. Ideally, they should look for a lawyer who will attend to their needs personally and one who charges reasonable fees.
In most cases, individuals declare themselves bankrupt because they have high credit card debt and other problems like job loss, personal injuries and divorce among others. These problems bring about additional penalties and debts. By taking advantage of bankruptcy law, these individuals can start living normally again instead of looking for ways to repay the huge debts.
If you have declared yourself bankrupt, there are two major types of bankruptcies that you can file. These are chapter 7 and 13. Chapter 7 bankruptcy can assist you to get rid of the unsecured debts you have but you have to give up the non exempt properties you own. People who do not have equity or non exempt property can file for no asset bankruptcy.
Unlike chapter 7 which takes only few months to eliminate a debt, chapter 13 will take three to five years. In this chapter, you will not give up your assets but you will have to repay a certain portion of your debt and live within a budget that will be closely monitored by a bankruptcy court trustee. In a situation where you are not able to pay the required amount per month, you will have to convert to a chapter seven insolvency to eliminate your debts.
You can file for Chapter 13 insolvency if you have failed to make payments on secured debts such a mortgage and you want to propose a chapter 13 plan in order to catch up on such payments. A mathematical formula, which is referred to as the means test is used to determine the kind of bankruptcy you can qualify for. It takes into account the kind and amount of debt you have, your monthly earnings and other factors related to your finances.
Hiring a qualified attorney is essential and people filing for insolvency can ask their friends, relatives and coworkers to provide them with recommendations. The testimonies that residents of this city can get from individuals who have filed for insolvency can help them select the right attorney. They should gather as much information about the lawyers recommended to them and hold interviews with them.
Salt Lake City dwellers can also find a reputable insolvency attorney by seeking recommendations from the local bar association. Their personal lawyers can also help them find such a professional. The other way they can find a good attorney who represents insolvent individuals is to visit a reputable law firm and select the attorney who fits their preferences.
Before they use the services of a bankruptcy lawyer Salt Lake City inhabitants should look at the credentials and experience that the professional has. They should consider if he or she has represented people facing a similar situation to theirs. Ideally, they should look for a lawyer who will attend to their needs personally and one who charges reasonable fees.
About the Author:
You can visit the website www.jdmilliner.com for more helpful information about How A Bankruptcy Lawyer Salt Lake City Can Help You
Aucun commentaire:
Enregistrer un commentaire