Bankruptcy Process in Salt Lake City Utah - PowerPoint PPT Presentation
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Bankruptcy Process in Salt Lake City Utah
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The type of bankruptcy you file depends on numerous factors, including whether you are an individual or a business. The four types of bankruptcies are 1). Chapter 7 Bankruptcy, 2). Chapter 11 Bankruptcy, 3). Chapter 12 Bankruptcy, 4). Chapter 13 Bankruptcy. Would you like to schedule an appointment with a bankruptcy attorney Salt Lake City? Call Justin Myers Attorney-at-Law at (801) 505-9679 today. – PowerPoint PPT presentation
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Title: Bankruptcy Process in Salt Lake City Utah
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BANKRUPTCY PROCESS IN UTAH
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BANKRUPTCY PROCESS IN SALT LAKE CITY
- As a debtor based in Utah, there are two ways to
obtain protection from your creditors. You can
either file for Chapter 7 or Chapter 13
bankruptcy case. Would you like to know how one
differs from the other or what are their
advantages and disadvantages? To start off,
choosing between Chapter 7 or Chapter 13
bankruptcy protection will greatly rely on the
individual circumstances surrounding each debtor.
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WHAT TYPES OF BANKRUPTCIES ARE THERE?
- There are four types of bankruptcies, each named
for their respective chapter in the United States
Bankruptcy Code. The type of bankruptcy you file
depends on numerous factors, including whether
you are an individual or a business. The four
types of bankruptcies are
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CHAPTER 7 BANKRUPTCY
- You need time to negotiate with your lender. If
you dont wish to have the vehicle back, Chapter
7 can help you eliminate your deficiency balance.
However, Chapter 7 wont be very useful if the
car was already sold. This is why its important
you file Chapter 7 as soon as possible as it will
provide you with more opportunities to negotiate.
The moment you need Salt Lake City Chapter 7
Bankruptcy Attorney, creditors will have to stop
bombarding you. They will need a court permission
in order to pursue their collection efforts.
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CHAPTER 11 BANKRUPTCY
- Chapter 11 is very convenient for large
corporations going through difficult times. Some
corporations may file for bankruptcy discreetly.
This is why you dont hear much about it in the
news. Although a chapter 11 case generally comes
to a close within 8 months to 2 years, there is
no limit on the amount of time the case may
require. According to reports, about 10 out of
15 of Chapter 11 cases are successfully
reorganized.
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CHAPTER 12 BANKRUPTCY
- Chapter 12 Bankruptcy is the most recent addition
to the bankruptcy laws. It specifically allows
family farmers and family fishermen to avoid
liquidating all of their assets, or avoid
foreclosure by restructuring their finances.
Chapter 12 is the least common of the bankruptcy
filings. That is because it only pertains to a
small portion of the population. Of more than 1
million cases in 2011 less than 650 were Chapter
12 filings. That's why you need Chapter 12
Bankruptcy Attorney in Utah
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CHAPTER 13 BANKRUPTCY
- This is also an option. Chapter 13 Bankruptcy
Attorney will help you force the lender to give
you back your car and you pay off in the coming
years. Its also possible to reduce the balance
you own and interest rate. In Chapter 13 you have
to prove that your income goes to paying your
debts. Only those expenses that are considered
necessary can be deducted. In other words, if you
own a lexus, Chapter 13 may not be a good option
for you. A lowered price vehicle will be a better
choice.
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JUSTIN MYERS ATTORNEY-AT-LAW
- At Justin Myers Attorney-at-Law, we will gladly
discuss these legal remedies with you. You can
trust us to educate you on the finer points of
bankruptcy law so you can make a well-informed
decision as which legal option to take. Would you
like to schedule an appointment with a bankruptcy
attorney Salt Lake City? Call us at (801)
505-9679 today.
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- We will recommend to you the best possible
recourse to achieve the most favorable outcome.
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Contact
JUSTIN MYERS ATTORNEY-AT-LAW
Phone (801) 505-9679 Fax 801-326-4706 SOUTH
JORDAN OFFICE 1122 W. South Jordan Pkwy. Suite A
South Jordan, UT 84095 https//www.jmmlegal.com/c
ontact/
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Thank You!
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