Bankruptcy Lawyer Near Centerville Utah

 

Bankruptcy Lawyer Near Centerville Utah

What benefits do declaring bankruptcy offer?

It’s also crucial to understand that declaring bankruptcy has a number of benefits. People can get a new start or a payment schedule that fits their financial situation through bankruptcy. Knowing the benefits can help you more accurately balance the advantages and disadvantages so you can make a choice.

With bankruptcy, you can start over

Filing for bankruptcy can provide you a fresh start since many people who are drowning in debt do so. Your financial condition should ideally be better than it was prior to filing, regardless of the chapter you choose. After all, filing for bankruptcy can help you pay off personal loans, medical costs, and credit card debt.

Your property is yours to retain

You don’t lose all of your property if you file for bankruptcy under Chapter 7, but it is liquidated. Every state also has exemptions. This means that you won’t have to liquidate certain possessions, like as autos, jewelry, or home items, if their value is less than a certain threshold. Additionally, your trustee may decide that some assets aren’t worth selling off.

You are given a stay immediately

The court notifies creditors to stop phoning and writing when you begin the bankruptcy process. This is what is referred to as a “automatic stay,” which also stops wage garnishments. Stopping collections might be a relief for some people because receiving the frequent collection calls and postal reminders can be rather distressing.

You’ll be given a payment schedule that suits your needs

When you choose to file for Chapter 13 bankruptcy, you have the option of reorganizing your debt and setting up a payment schedule. You present a payment plan to the court early on in the filing procedure that, based on your existing income, you believe fits within your spending limit. Your former payments might have been far greater and burdensome, so this can be useful.

Legal action is no longer a possibility for you

When you owe money, there’s a potential that your creditors will file a lawsuit to get what they’re owed. Once you file for bankruptcy, your creditors are prohibited from pursuing you to court for nonpayment. Prior to declaring bankruptcy, if a matter was in court, the court case will be stayed.

Loans are still available

Yes, a bankruptcy will appear on your credit reports and make it more challenging for you to receive loans, but you could still be able to do so. There are lenders who focus on “high-risk” lending, which entails lending to borrowers with poor credit or other undesirable marks, such as a bankruptcy.

Location: Centerville, UT, USA

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