At the moment, it’s probably an understatement to say that you’re in deep financial trouble. You’re virtually drowning in debt; at the same time, you’re understandably reluctant to give up most of the assets you still have. A good option for you would be filing for Chapter 13 bankruptcy with the help of Salt Lake City bankruptcy attorneys from firms like Craig Swapp & Associates.
Chapter 13 gives you a chance to redeem yourself through a repayment plan under a Utah bankruptcy court’s supervision. The repayment plan period, which ranges from three to five years, depends on your disposable income relative to the applicable median income in Utah. During this period, your creditors cannot collect your debts without permission from the bankruptcy court.
You’re qualified if you’re an individual with unsecured debts of less than $360,475 or secured debts below $1,081,400. You should also have enough disposable income to pay off the debts according to the repayment plan. If you don’t meet the above qualifications, you may resort to filing for Chapter 7 bankruptcy.
Unlike other bankruptcy chapters, you don’t have to forfeit your properties under Chapter 13. You may also reschedule or extend secured debts over the repayment plan period. If creditors try to collect from you without the bankruptcy court’s approval, and you follow the repayment plan properly, your debts to those creditors are written off.
If you’re qualified, you can file for a petition with the help of your Salt Lake City bankruptcy lawyer. You also need other documents such as proof of current income and expenditures, schedule of assets and liabilities, and a plan of repayment. Make sure you show up for the creditor’s meeting (which is usually 20-50 days after you file your petition) and the confirmation hearing in court. You must start paying off your debts within 30 days of filing your plan.
All your remaining and eligible debts are eliminated. You can still get credit even after filing for bankruptcy, though your credit reports will reflect this for 10 years. As long as you have the capacity and willingness to pay your liabilities afterwards, most post-bankruptcy creditors will treat you like any other debtor. Bankruptcy doesn’t have to mean the end of the world for you. Get a good Utah bankruptcy attorney to help you, and you’re off to a fresh start – See more at: https://www.craigswapp.com/blog/bankruptcy/questions-about-chapter-13-answered-by-your-utah-bankruptcy-attorney#sthash.NqcYRT8c.dpuf