Filing A Chapter 13 Bankruptcy Utah
by Carolyn Hughes
The vast majority of consumers have some debt in one form or the other. The most common types of debt are credit card debts and student loans. Others are mortgages, car loans and personal loans among others. Life can be challenging if you cannot access any type of debt. However, things can be much worse if you have accumulated a lot of debt that you are not able to service. In such a case, you may have to file a <a href="www.bankruptcyutah.com/about">chapter 13 bankruptcy Utah</a>.
Bankruptcy is provided for under the law. It is meant to help consumers and corporate debtors who are not able to settle their debts. It is also meant to help creditors to recover their debts from defaulters. There is voluntary as well as involuntary bankruptcy. When you need the protection of the court, you can file for bankruptcy voluntarily.
Businesses and organizations that have unmanageable levels of debt can only use chapters 11 and 7 to get rid of their debt. Chapters 13 and 7, on the other hand, are perfectly suited for individual debtors. Since these two options have pros and cons that you may want to know of, it is important you do your research before making a decision.
There are many lawyers that can help you when you are unable to pay off your debts. It is recommended you get the best legal counsel to ensure you are in a position to make an informed decision. The ideal attorney should have years of experience in the industry as well as a high success rate. This will boost your chances of getting the desired outcomes.
Chapter 13 basically provides for debt restructuring. It entails aspects of both debt consolidation and debt forgiveness. Instead of making several monthly payments to several creditors, you will only be required to make a single payment every month to the trustee. The installment will also be an affordable one, and it depends on how much money you can spare based on your income and living expenses. After the specified period, all unpaid debts are written off.
Before you can be declared bankrupt and enjoy all the legal protections and benefits that come with this legal provision, you will need to draft a plan on how you plan to settle the debt. You will only be discharged of your debt obligations if you honor the terms of that agreement. If not, your assets will be liquidated under chapter 7 bankruptcy. The trustee will sell all non-exempt assets to get funds to offset your debts.
When you become bankrupt, there are some things that you will not be able to do. For instance, you will not be able to access cheap credit facilities. You will also have a hard time renting a car or house. In fact, you may not be able to get a better job as most people do not want to associate with bankrupt individuals.
When seeking to become bankrupt, every debtor should know that there are certain debts that cannot be forgiven when they become bankrupt. The most notable is student loan debt. This must be settled whether or not you are able to pay. In fact, the only way the debt can be forgiven is if you die. Other debt obligations that must be honored are; child support payments and spousal support payments.
You can find a summary of the benefits you get when you consult a <a href="http://www.bankruptcyutah.com/about">Chapter 13 bankruptcy Utah</a> attorney at http://www.bankruptcyutah.com/about right now.
---------------------------------------------------
You are receiving this because you signed up for it on 2014-06-13 from IP
To fine-tune your selection of which articles to receive, just login here:
http://www.uniquearticlewizard.com/bloggers/
using your username:
To unsubscribe please use the following link:
http://www.uniquearticlewizard.com/unsubscribe.php?mail=mohsin926.world@blogger.com&code=130f4b3e06594df6daa30a602e9f4c8f
---------------------------------------------------
---------------------------------
New Unique Article!
Title: Filing A Chapter 13 Bankruptcy Utah
Author: Carolyn Hughes
Email: nathanwebster335@live.com
Keywords: chapter 13 bankruptcy Utah
Word Count: 557
Category: Finance
---------------------------------
No comments:
Post a Comment