One of the best decisions that a person who has too much bad debt can ever make is hiring the best bankruptcy lawyer Salt Lake City has to offer. A qualified attorney can make the entire process of settling your bad debts through bankruptcy easier. He or she will also ensure that collection agencies and creditors stop bothering you. The following are some tips to help you hire the right lawyer.
The most common common type of insolvency is the chapter 7. When a petition for this chapter is filed, a trustee is appointed by the court to vet the applicant and oversee the liquidation process. The non-exempt assets of the applicant are normally valued and auctioned off by the trustee. The proceeds of the sale are used to settle the debt of the applicant. Exempt assets are not usually touched during liquidation.
Businesses, whether organized or not, can apply for chapter 11 when they are unable to service their debts with the current repayment terms. However, debtors must satisfy one condition; they must have a reliable revenue source. The owner of the business will be required to propose a repayment plan. If approved, the business will repay its debts for a given period of time. In case of default, chapter 7 proceedings will be initiated. Every valuable item belonging to the business will be auctioned off.
This legal option can either be voluntary or involuntary. A debtor may seek to be declared bankrupt to get reprieve from creditors. On the other hand, creditors may ask the court to declare a debtor bankrupt so that they can initiate the process of recovering their funds through sale of non-exempt assets. In both options, there is a procedure that needs to be followed. An attorney who has handled numerous similar cases in the past can guide you through the process.
Individual debtors also qualify for chapter 13 bankruptcy, in addition to chapter 7. This is a very convenient option as it makes it possible for debtors who have a reliable source of income to retain their assets while repaying their debts on their own terms. Debtors must first submit a proposal on how they intend to repay their debts to the court and answer questions from creditors. If the repayment plan is sound, the court will declare the debtor bankrupt and order him or her to honor the repayment plan failure to which liquidation of assets will take place under chapter 7 bankruptcy.
All the parties involved in a bankruptcy case gain from the process. For instance, the proceedings make it possible for lenders and other creditors to get back their money. The process also gives debtors a chance to settle their debts and start life on a clean slate. Through bankruptcy, debtors get legal protection and reprieve from creditors. That said, it is important that you hire a qualified attorney to give you competent legal counsel.
A qualified lawyer can make it very easy for you to fill forms and file the necessary paperwork with the right court. The attorney can also represent you in the bankruptcy court during proceedings. This legal professional will also interpret legal jargon for you to ensure that you are properly informed.
When looking for a bankruptcy lawyer Salt Lake City debtors should always take their time to carry out a little bit of research. The Internet has a lot of information about attorneys who practice in Salt Lake City. Therefore, you can easily find a suitable attorney using your Internet-enabled cell phone or PC.
The most common common type of insolvency is the chapter 7. When a petition for this chapter is filed, a trustee is appointed by the court to vet the applicant and oversee the liquidation process. The non-exempt assets of the applicant are normally valued and auctioned off by the trustee. The proceeds of the sale are used to settle the debt of the applicant. Exempt assets are not usually touched during liquidation.
Businesses, whether organized or not, can apply for chapter 11 when they are unable to service their debts with the current repayment terms. However, debtors must satisfy one condition; they must have a reliable revenue source. The owner of the business will be required to propose a repayment plan. If approved, the business will repay its debts for a given period of time. In case of default, chapter 7 proceedings will be initiated. Every valuable item belonging to the business will be auctioned off.
This legal option can either be voluntary or involuntary. A debtor may seek to be declared bankrupt to get reprieve from creditors. On the other hand, creditors may ask the court to declare a debtor bankrupt so that they can initiate the process of recovering their funds through sale of non-exempt assets. In both options, there is a procedure that needs to be followed. An attorney who has handled numerous similar cases in the past can guide you through the process.
Individual debtors also qualify for chapter 13 bankruptcy, in addition to chapter 7. This is a very convenient option as it makes it possible for debtors who have a reliable source of income to retain their assets while repaying their debts on their own terms. Debtors must first submit a proposal on how they intend to repay their debts to the court and answer questions from creditors. If the repayment plan is sound, the court will declare the debtor bankrupt and order him or her to honor the repayment plan failure to which liquidation of assets will take place under chapter 7 bankruptcy.
All the parties involved in a bankruptcy case gain from the process. For instance, the proceedings make it possible for lenders and other creditors to get back their money. The process also gives debtors a chance to settle their debts and start life on a clean slate. Through bankruptcy, debtors get legal protection and reprieve from creditors. That said, it is important that you hire a qualified attorney to give you competent legal counsel.
A qualified lawyer can make it very easy for you to fill forms and file the necessary paperwork with the right court. The attorney can also represent you in the bankruptcy court during proceedings. This legal professional will also interpret legal jargon for you to ensure that you are properly informed.
When looking for a bankruptcy lawyer Salt Lake City debtors should always take their time to carry out a little bit of research. The Internet has a lot of information about attorneys who practice in Salt Lake City. Therefore, you can easily find a suitable attorney using your Internet-enabled cell phone or PC.
About the Author:
When you are in need of a credible bankruptcy lawyer Salt Lake City has one of the best right here at www.jdmilliner.com. For a consultation with our lawyer, log on to http://www.jdmilliner.com.
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