Anyone can find themselves with a lot of bad debt without knowing it. When you discover that you do not make enough money to properly service your debt, and your outstanding debt seems to be growing everyday, you should consider seeking legal protection by filing for bankruptcy. When you become bankrupt, creditors will be stopped from harassing you. When you want to file a chapter 7 Salt Lake City Utah, be sure to consult a legal expert first.
When you have several credit cards, and you charge most of them, you need to pay off your balance in a timely manner. Otherwise, your debt will grow pretty fast. If you also have a car loan, mortgage and personal loan among other types of debt, you may find yourself in a position where you cannot service your debts. In such cases, it is crucial you consult a competent lawyer to help you file for the right bankruptcy option.
The most common type of bankruptcy is chapter 7. This is mainly because anyone can use this option to get rid of their debt. The requirements are usually easy to satisfy, so anyone can qualify, including businesses and corporate entities. In fact, it seems like the only requirement is lack of a means to pay off debts.
This option provides for liquidation of property to pay off bad debts. Any non-exempt asset owned by the debtor is sold off to get funds to settle their debts. Once creditors get a portion of their debt back, the debtor will be discharged of all other unpaid debts. If you have few assets, you can have your debts settled with a few cents for every dollar owed.
Before you use bankruptcy to get rid of your bad debts, is is recommended you consult a bankruptcy attorney. This legal expert will explain to you all the advantages and disadvantages of bankruptcy to help you make the right decision. If you chose to continue with the bankruptcy, the lawyer will give you guidance and help you fill the necessary papers for submission in court.
Anyone who has a stable job that provides them with a regular income cannot qualify for this option. This is because there is a different bankruptcy chapter for consumers who have a reliable source of income. That is chapter 13. With this chapter, debtors are required to forward convenient monthly payments to the trustee, who will forward the same to creditors.
There are a number of ways that bankruptcy can protect you. First, it will stop creditors from sending threatening mail, email messages and calling you at odd hours to demand their money back. Secondly, it will freeze the outstanding debt to ensure it does not continue to grow exponentially.
Bankruptcy has many cons, but it also has many pros. Before you decide to use this legal option to settle your debts, therefore, you need to take your time to weigh all the pros against the cons. This is to make sure that you understand all the consequences. For instance, you should know that you may not be able to get an affordable loan in the next couple of years because of your negative listing. Furthermore, you may not be able to get a better job or rent a car or house due to your bad credit history.
When you have several credit cards, and you charge most of them, you need to pay off your balance in a timely manner. Otherwise, your debt will grow pretty fast. If you also have a car loan, mortgage and personal loan among other types of debt, you may find yourself in a position where you cannot service your debts. In such cases, it is crucial you consult a competent lawyer to help you file for the right bankruptcy option.
The most common type of bankruptcy is chapter 7. This is mainly because anyone can use this option to get rid of their debt. The requirements are usually easy to satisfy, so anyone can qualify, including businesses and corporate entities. In fact, it seems like the only requirement is lack of a means to pay off debts.
This option provides for liquidation of property to pay off bad debts. Any non-exempt asset owned by the debtor is sold off to get funds to settle their debts. Once creditors get a portion of their debt back, the debtor will be discharged of all other unpaid debts. If you have few assets, you can have your debts settled with a few cents for every dollar owed.
Before you use bankruptcy to get rid of your bad debts, is is recommended you consult a bankruptcy attorney. This legal expert will explain to you all the advantages and disadvantages of bankruptcy to help you make the right decision. If you chose to continue with the bankruptcy, the lawyer will give you guidance and help you fill the necessary papers for submission in court.
Anyone who has a stable job that provides them with a regular income cannot qualify for this option. This is because there is a different bankruptcy chapter for consumers who have a reliable source of income. That is chapter 13. With this chapter, debtors are required to forward convenient monthly payments to the trustee, who will forward the same to creditors.
There are a number of ways that bankruptcy can protect you. First, it will stop creditors from sending threatening mail, email messages and calling you at odd hours to demand their money back. Secondly, it will freeze the outstanding debt to ensure it does not continue to grow exponentially.
Bankruptcy has many cons, but it also has many pros. Before you decide to use this legal option to settle your debts, therefore, you need to take your time to weigh all the pros against the cons. This is to make sure that you understand all the consequences. For instance, you should know that you may not be able to get an affordable loan in the next couple of years because of your negative listing. Furthermore, you may not be able to get a better job or rent a car or house due to your bad credit history.
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You can get fantastic tips on how to select a Chapter 7 Salt Lake City Utah attorney and more information about a knowledgeable lawyer at http://www.bankruptcyutah.com/services right now.
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