If you are having trouble making your monthly bill payments and are struggling to just put food on the table, bankruptcy might be the right option for you. Bankruptcy might also help you get the creditor relief you need if you face garnishment, repossession or foreclosure. Utah bankruptcy lawyers can help you determine if bankruptcy is best in your situation.
Determining which type of bankruptcy to file can best be decided with the help of bankruptcy lawyers in Utah. There are several options when it comes to filing for bankruptcy. The main options are for Chapter 7, 11, or 13 bankruptcy filings.
In Chapter 7 bankruptcy, there is a liquidation of assets and the remaining debt is discharged. However, not all debt is dischargeable. Credit card debt, medical bills, and business related expenses are generally dischargeable, but student debts, taxes and child support are not generally dischargeable.
If you have a secured debt, which is collateral financed by the loan that the creditor can repossess or foreclose on, than a bankruptcy reorganization might be better for you so you can keep your asset or property.
Chapter 11 bankruptcy is for business reorganization to repay debt by reducing the debt or extending the time for repayment. In Chapter 13 reorganization, the debtor proposes a plan to pay the creditors over a couple years. Utah bankruptcy lawyers can help you determine which bankruptcy filing would be best for you or your business.
Bankruptcy lawyers in Utah at Shumway Van & Hansen always offer free consultations and often times can schedule an appointment within 24 hours. For more information please continue to utilize www.shumwayvan.com, call us at (801) 478-8080, or stop by our law offices in Salt Lake City which are located at 8 East Broadway #550, Salt Lake City, Utah 84111.