Should I File Bankruptcy?
Should I File for Bankruptcy?
Countless people throughout Utah are struggling with debt. But there are several debt relief solutions. Among them is whether to file for bankruptcy. Choosing to file for bankruptcy is a decision that should be considered carefully. There are many paths you can follow to obtain the debt relief you need and it is important to understand all of them before you choose one. Be sure that you consult with an experienced bankruptcy lawyer who will help you make the right choice for your situation.
At the Salt Lake City law office of Justin M. Myers, Attorney-at-Law, LLC, we will take the time to explain all your options and let you know what we can do to help. We dedicate our entire practice to helping people find the debt relief they need through consumer bankruptcy. We help our clients file for Chapter 7 and Chapter 13 bankruptcy.
Helping You Choose the Right Path
Filing for bankruptcy has a number of advantages. One of the most popular is the automatic stay which requires all collection activity to stop immediately upon the filing of your bankruptcy petition. All phone calls, letters, lawsuits, garnishments, foreclosure and repossession actions will no longer be allowed while your bankruptcy is in process. Filing for bankruptcy can also prevent liens from being placed on your property by creditors.
We understand, however, that bankruptcy is not for everyone. Other options can include a consolidation loan, mortgage workouts or debt negotiation. We will look at your entire situation and make the best recommendation for a sound debt relief solution.
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CHAPTER 13 BANKRUPTCY
CHAPTER 13 BANKRUPTCY INVOLVES THE REPAYMENT OF DEBT OVER A THREE TO FIVE YEAR PERIOD ACCORDING TO A COURT APPROVED REPAYMENT PLAN.
Along with a bankruptcy petition and supporting documentation, people filing for Chapter 13 bankruptcy will also need to include a preliminary repayment plan which is usually developed during credit counseling. After the creditors meeting you will attend a meeting to confirm your repayment plan. Once your repayment plan has been successfully completed, you will receive a discharge of your debts.
CHAPTER 7 BANKRUPTCY
Before your bankruptcy petition is filed, you will need to take a means test to see if you qualify for Chapter 7 bankruptcy
A The means test measures your disposable income against that of other Utah citizens and ensures that your application for bankruptcy is not an abuse of the system.
After the creditors meeting has been completed, the trustee will identify your exempt property and your nonexempt property. Your nonexempt property may be sold at auction and the funds used to repay your creditors. If your trustee decides that none of your property can be sold, you would lose nothing.
After the funds, if any, have been distributed to your creditors, you will receive a discharge and will no longer have any personal responsibility for those debts.
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It can be easy for even the most responsible person to fall into overwhelming debt. But does not have to be impossible to get out. The first step is to seek representation from a Salt Lake City bankruptcy attorney with a track record of protecting the rights of clients and looking out for their best interests. Contact our office today to discuss your bankruptcy questions with a lawyer. We are available during regular business hours and by appointment evenings and weekends. You can reach us by phone at 801-505-9679 or via e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.