Most of us at some point in our lives will have some sort of financial problems. However, nothing compares to the thought of filing for bankruptcy. Many people associate bankruptcy with a negative connotation but the process does offer positive debt solutions. If you are contemplating bankruptcy, hiring a West Jordan bankruptcy attorney could be your best option. It is good to know your options. When filing for personal bankruptcy, you can file under Chapter 7 bankruptcy or Chapter 13 bankruptcy. We can help you understand the difference between Chapter 7 Bankruptcy & Chapter 13 Bankruptcy.
Chapter 7 Bankruptcy Utah
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Chapter 7 Bankruptcy is a type of bankruptcy where all assets are liquidated. All your nonexempt assets will be examined and sold under Chapter 7 Bankruptcy. The proceeds from the sale are then dispersed to creditors. The bankruptcy court will then discharge any remaining balances of unsecured debts. Many people with a large amount of unsecured debt like credit card or medical bills, will choose to file under Chapter 7. Chapter 7 is very appealing due to its immediate debt relief after all nonexempt assets are sold. If you own little non-exempt assets, then creditors will get almost nothing. Consequently, If you have any secured debt like a home or car loan, you will have to either keep paying the loan or surrender the asset.
Chapter 13 Bankruptcy
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While Chapter 7 bankruptcy will liquidate any assets and pay your debtors, Chapter 13 will only recognize your debt and buy you more time to settle them. Chapter 13 is a great option for individuals who can afford a repayment plan. The court will add up any secured and unsecured debts and then set up a monthly repayment plan. Chapter 13 bankruptcy is a great option for those who do not meet the qualifications for Chapter 7 and is a great way to get caught up on missed mortgage or car payments.
Hiring a West Jordan Bankruptcy Attorney
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When people are facing a financial crisis, both Chapter 7 and Chapter 13 are great debt relief options. Chapter 7 will offer quick debt relief, while Chapter 13 helps individuals avoid foreclosure with a payment plan. Even though Chapter 7 & Chapter 13 provide financial relief, there are downsides to both. You will see a decline in your credit score when you file for bankruptcy. This can affect your ability to qualify for loans and will result in a higher interest rate.
Filing for bankruptcy is a very complicated process and tends to overwhelm people. That is why we recommend hiring a professional bankruptcy attorney. Not only will this help you get the peace of mind you deserve, but it will help you choose which bankruptcy option is right for you. Filing for bankruptcy in Utah is a big decision. Because of this, hiring an experienced bankruptcy attorney will make all the difference. A West Jordan Bankruptcy Attorney will be your best option to get immediate debt relief during your current financial problem. Call BDJ Express Law in West Jordan, UT at 801-658-6901. You can become debt-free today!