Some people will reach a time in their life where they will have to think about filing for bankruptcy, but many would like to retain their current assets and are not willing to give t everything up. If this sounds similar to you right now, Chapter 13 bankruptcy might be ideal for you.
Here is an explanation and a helpful tip for you, so that you will be able to get through the situation well:
What It Is
Anyone can apply for Chapter 13 bankruptcy as long as the money that they owe is below the allotted amount stated in the requirements. You are to make a time frame where you will pay back most of your debts, depending on what the agreements were. Usually, the plan proposes to repay the people they owe within three to five years after finding for bankruptcy.
The debtor, which is you, will be able to keep all of your assets, which includes your car and home. Doing this will also allow somebody else give the payments to the people that you owe so you won’t be in touch with them anymore. This greatly reduces the chance of them filing a lawsuit against you. You will also get rid of dischargeable debts, such as medical related bills.
Hiring the Right Lawyer
If you want to avoid making hasty decisions and mistakes that could cost you being approved for bankruptcy, it would be best to get professional help. Hiring a Chapter 13 bankruptcy attorney in Utah is a good move. An experienced lawyer will give you advice and guide you through a smooth process.
By learning more about the different bankruptcy types and having a professional on hand and ready to help, you will soon be heading towards being free of debt while keeping all your assets at the same time.