Filing a Chapter 7 can seem like a difficult and dangerous task, especially to those who do have assets to their names. You might be worried about your home or your vehicle, or perhaps you are simply worried about heirlooms; without the requisite information, things like “liquidation of assets” might be enough to scare you away from filing. The truth, however, is that if you are in so much debt that you are considering affordable bankruptcy attorneys in Salt Lake City, your assets are most likely safe.
Property and Tools
The question of housing often comes up during discussions of bankruptcy. Many people assume that filing automatically means a loss of homes, but this is not always the case; in many situations, one can keep one’s home. The deciding factor is generally the worth of the dwelling, and if you are worried about losing it during bankruptcy, it is relatively easy to determine whether or not your home can be kept. You may benefit from knowing this information before you approach your bankruptcy attorney in Draper, Utah.
Utah Bankruptcy Exemptions
Once you have made the decision to file for bankruptcy, it is time to start making decisions. In order to make the process go faster, it is a good idea to consider which type of bankruptcy is right for you. As an individual or part of a couple, you have two options available to you: Chapter 7 and Chapter 13. Both types of bankruptcy share the same goal of freedom from debt, but they are two distinct ways of going about it; your situation and personal preference will be the major deciding factors, so you can go into your first appointment with an idea of what you need.
If you are going to file for bankruptcy, you have a choice to make. This choice is important and will affect the rest of your bankruptcy as well as the next few years of your life. As such, careful attention should be given to your circumstances and your future before making your decision; if you decide to file a Chapter 13 bankruptcy, following a few simple guidelines will help you make it through the process smoothly and quickly.
Making the Choice: Chapter 7 or Chapter 13?
Once you have committed yourself to filing for bankruptcy, you must decide whether or not you can file for a Chapter 7. This can often be confusing or frustrating, especially since the process is detailed and the qualifications can sometimes be difficult to understand. However, this step does not need to be long or discouraging. The act of filing for a 7 isn’t so hard, either; all you need to do is follow some basic steps and remember that your attorney is there to help. Don’t be afraid to ask questions!
Taking the Means Test
Filing for bankruptcy is often the best solution to the problem of unmanageable debt, but what happens afterward? It is important to be able to heal your financial situation in order to avoid filing for bankruptcy again. There are a few things you can do to help yourself regain a healthy financial status; all you need to do is research carefully and decide carefully where to start!
Because filing for bankruptcy can and most likely will affect your credit score, it is important to have a plan in place to rebuild your credit once your debt has been discharged. It may seem like a daunting task, but in reality, it can be easier than you might expect. There are a few things you can do to make sure that your credit is acceptable by the time you are finally out of bankruptcy; all you need to do is a bit of careful planning and a bit of smart budgeting and you can be on your way to a good credit score.
If your next step in managing your debt is bankruptcy, you probably would like to know how much it costs. You may worry that it is too expensive; after all, the media represents lawyers as hugely expensive, and there are two parts to the cost of bankruptcy. Fortunately, although the overall cost of the bankruptcy process does vary slightly, it is designed to be affordable for anyone who needs to file for bankruptcy.
Although bankruptcy is often the most responsible financial decision available in times of large debt, it can be difficult to make the final decision to file for bankruptcy when you are afraid of the repercussions that decision might have on your life. This fear is usually based on the prior actions creditors have taken; they often stoop to bullying tactics, such as threatening to foreclose homes, repossess belongings, and generally make life miserable. You might be thinking, “If I file for bankruptcy, won’t it just get worse?
There is more to bankruptcy than simply realizing unmanageable debt and contacting an attorney. Once you have an attorney, you must be able to choose which type of bankruptcy you want to file. One of the easiest ways to help this situation along is to take the bankruptcy means test; it is a test that uses information you supply to decide whether or not your income is low enough to file a Chapter 7. This is not the only use; you can, after all, choose to file a 13 even if you qualify for a 7, in which case your means test will help determine your monthly payment.