Get Out Of Debt Bankruptcy Tips Offered By An Orem UT Bankruptcy Lawyer
by Hans Gerhard
All matters regarding bankruptcies are federal cases. Petitions must be filed with the appropriate court located in the state of the individual or business concerned. For example, an Orem bankruptcy lawyer will be filing petitions in the United States Bankruptcy Court for the District of Utah.
This is a court in Salt Lake City. It handles all bankruptcies arising within the state. Federal district courts, state courts and all other courts do not have any jurisdiction here.
Individuals can file their own petitions, as can couples and any registered organization or business entity. A majority of bankruptcies are filed under three popular codes. One is Chapter 7 (liquidation) and the second one is Chapter 11 (reorganization). The third one is Chapter 13 (debt adjustment).
Chapter 7 allows for liquidation proceedings. This means that the debtor's non-exempt assets will be liquidated and the proceeds distributed among creditors by the trustee. Once this process is completed, the debtor has no further obligation to pay back any more of the listed debt.
Corporations and other businesses that seek Chapter 11 protection are trying to avoid having to liquidate assets and close down the firm. They offer to reorganize their finances and operations and come up with a new repayment plan to pay off all the debt. An individual with a sufficient amount of income may seek Chapter 13 protection in order to adjust debt and repay it back within a set period (usually 3-5 years).
All of these filings need to include detailed information and supporting documents. A complete listing of all assets, debts and income is required. So is a full list of all creditors, including their names and the amounts that are owed to each one. If the court accepts it, a stay is immediately issued to put a stop to all creditor actions aimed at recollecting debts. The debts will then only be repaid through a plan approved by the court-appointed trustee.
Find an overview of the benefits of using the services of an <a href="http://www.birdfugal.com/">Orem bankruptcy lawyer</a> and more information about a reliable attorney at http://www.birdfugal.com/ now.
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New Unique Article!
Title: Get Out Of Debt Bankruptcy Tips Offered By An Orem UT Bankruptcy Lawyer
Author: Hans Gerhard
Email: jaadenator@gmail.com
Keywords: Orem Bankruptcy Attorney,bankruptcy,lawyers,Debt settlement,tax liens,levy,exempt property,Attorney,business
Word Count: 316
Category: Legal
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