Anyone can find him or herself drowning in debt. While it may not take place overnight, you need to know that money problems are not something to be ashamed about. The laws provide for willing individuals to pull themselves out and you will have some alternatives at your disposal. If your intentions are to keep your assets and you work on regaining your financial footing, then chapter 13 would be ideal for you. If you wish to file for chapter 13 Salt Lake City Utah is one of the best places to begin the hunt for dependable attorneys.
What happens is that you would be offered a chance to restructure your debts. While this may seem basic, it is actually very complicated and hence the need to work with a lawyer who can defend your rights and provide adequate guidance. The complexity of the system should not intimidate you if you have a competent attorney in your corner.
The first step would involve filing the required paperwork. This is a very delicate process and any mistakes you make could send the whole case crumbling. The filed petition needs to contain descriptions of your debts as well as your assets. In addition, it should come with your tax returns and any major transactions you have made within the past few years. The court will also demand that you go for basic credit counseling and come up with a debt repayment plan within 15 days after filing.
With 30 days a creditors meeting ought to be scheduled. A court-appointed trustee will sit at the table and you will focus on discussions regarding your proposed payment plan. If there are any concerns, the trustee will raise them. It is also possible that your creditors will have sent over representatives to ensure that their best interests are protected.
Following the creditors meeting is a confirmation hearing, which takes place within 30 days or so. The bankruptcy judge has to review your latest proposals before anything is determined. If all seems great, you will be offered the opportunity to make any adjustments that are necessary.
The ultimate process that will dictate whether you can have the freedom of your finances will involve honoring your payment plan. The trustee will receive your funds and you may want to ensure that there are no defaulted payments or delays. Keep in mind that subsequent counseling sessions will take place and your payment progress will again be revised.
It is not easy to file for bankruptcy. Navigating the legal maze can be a tricky affair and it would be ideal for you to work with a seasoned attorney. Your specialist of choice will not only guide you through the process, but he or she will also ensure that you have increased chances of having a bearable experience.
Before hiring any legal representative, go through his or her professional history. You want to find out how long the expert has been in practice and how many cases like yours he or she handled the previous year. Most importantly, you must evaluate the success rate of a lawyer before committing to getting assistance.
What happens is that you would be offered a chance to restructure your debts. While this may seem basic, it is actually very complicated and hence the need to work with a lawyer who can defend your rights and provide adequate guidance. The complexity of the system should not intimidate you if you have a competent attorney in your corner.
The first step would involve filing the required paperwork. This is a very delicate process and any mistakes you make could send the whole case crumbling. The filed petition needs to contain descriptions of your debts as well as your assets. In addition, it should come with your tax returns and any major transactions you have made within the past few years. The court will also demand that you go for basic credit counseling and come up with a debt repayment plan within 15 days after filing.
With 30 days a creditors meeting ought to be scheduled. A court-appointed trustee will sit at the table and you will focus on discussions regarding your proposed payment plan. If there are any concerns, the trustee will raise them. It is also possible that your creditors will have sent over representatives to ensure that their best interests are protected.
Following the creditors meeting is a confirmation hearing, which takes place within 30 days or so. The bankruptcy judge has to review your latest proposals before anything is determined. If all seems great, you will be offered the opportunity to make any adjustments that are necessary.
The ultimate process that will dictate whether you can have the freedom of your finances will involve honoring your payment plan. The trustee will receive your funds and you may want to ensure that there are no defaulted payments or delays. Keep in mind that subsequent counseling sessions will take place and your payment progress will again be revised.
It is not easy to file for bankruptcy. Navigating the legal maze can be a tricky affair and it would be ideal for you to work with a seasoned attorney. Your specialist of choice will not only guide you through the process, but he or she will also ensure that you have increased chances of having a bearable experience.
Before hiring any legal representative, go through his or her professional history. You want to find out how long the expert has been in practice and how many cases like yours he or she handled the previous year. Most importantly, you must evaluate the success rate of a lawyer before committing to getting assistance.
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