Filing for Chapter 7 bankruptcy will have major advantages and disadvantages. In case you have little discretionary income, you could choose to surrender your assets for liquidation and in turn work towards regaining your financial freedom. Some of the benefits you would enjoy include debt exceptions, no payment plan and your matter could be wrapped up in as little as three months. If you are considering Chapter 7 Salt Lake City Utah could offer you a dependable number of outstanding lawyers who could lend a hand.
One of the first things that you should do is determine whether you are eligible for filing for bankruptcy under chapter 7. A competent attorney will help you through a test that would determine your discretionary income. In case your average income within half a year before filing is above the median income within your state, then you may not be eligible for bankruptcy under Chapter 7.
If you qualify and can proceed with the filing, the courts will need you to have your property assessed. The idea is for the judges to have adequate information about the descriptions of your dischargeable debts, nonexempt property. This information will later be used to determine how your creditors will be paid off.
Secured debts are looked at differently. With this, you are required to reaffirm, surrender or redeem the secured debts. By surrendering a debt, you allow your creditor to repossess it. You also have the option of reaffirming a debt and in this case, you and your creditor will get into a new payment agreement. If you choose to redeem a debt, you will be committing yourself to paying for a property based on its present value.
Just like when filing for chapter 13, you will have to attend credit counseling. This will leave you with adequate information about your financial standing and even the alternatives you could consider. Ideally counseling should take place at least 180 days before filing for bankruptcy.
It remains crucial to seek the expertise of an attorney when preparing your paperwork. Ideally, the courts will need accurate information about your properties, debts and income. Any mistakes when preparing the documents could result in dismissal of your case.
A trustee is appointed by the court and he or she will call for a creditors meeting. You may have more than a few questions to answer regarding your bankruptcy documents and other topics related to your debts. In this case, you cannot dodge the need to appear in court.
Upon meeting with your creditors, you should receive your discharge notice in around two months. Before this happens, you must go through a financial management course. The certificate you receive ought to be presented in court before your case can be wrapped up. While the process may seem intimidating, your experience will be less frustrating if you choose to work with a seasoned local bankruptcy attorney.
One of the first things that you should do is determine whether you are eligible for filing for bankruptcy under chapter 7. A competent attorney will help you through a test that would determine your discretionary income. In case your average income within half a year before filing is above the median income within your state, then you may not be eligible for bankruptcy under Chapter 7.
If you qualify and can proceed with the filing, the courts will need you to have your property assessed. The idea is for the judges to have adequate information about the descriptions of your dischargeable debts, nonexempt property. This information will later be used to determine how your creditors will be paid off.
Secured debts are looked at differently. With this, you are required to reaffirm, surrender or redeem the secured debts. By surrendering a debt, you allow your creditor to repossess it. You also have the option of reaffirming a debt and in this case, you and your creditor will get into a new payment agreement. If you choose to redeem a debt, you will be committing yourself to paying for a property based on its present value.
Just like when filing for chapter 13, you will have to attend credit counseling. This will leave you with adequate information about your financial standing and even the alternatives you could consider. Ideally counseling should take place at least 180 days before filing for bankruptcy.
It remains crucial to seek the expertise of an attorney when preparing your paperwork. Ideally, the courts will need accurate information about your properties, debts and income. Any mistakes when preparing the documents could result in dismissal of your case.
A trustee is appointed by the court and he or she will call for a creditors meeting. You may have more than a few questions to answer regarding your bankruptcy documents and other topics related to your debts. In this case, you cannot dodge the need to appear in court.
Upon meeting with your creditors, you should receive your discharge notice in around two months. Before this happens, you must go through a financial management course. The certificate you receive ought to be presented in court before your case can be wrapped up. While the process may seem intimidating, your experience will be less frustrating if you choose to work with a seasoned local bankruptcy attorney.
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When you are searching for information about Chapter 7 Salt Lake City Utah residents can visit our web pages today. More details are available http://www.bankruptcyutah.com/services now.
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