3 Things You Want Your Bankruptcy Attorney to Have

Bankruptcy LabelWhen a person faces bankruptcy, it can be a truly traumatic and saddening experience. It’s a period marked by intense feelings of despair and desperation. But, it can also be a moment marking a fresh start — providing that you can manage through all the legal necessities required.

That takes the assistance of a great bankruptcy lawyer. Experts in Provo cite three things that you need to look for to ensure that you’re looking to hire the best one.

Expertise

The laws governing bankruptcy can be complex and very specific to the region or area that you live in. That’s why it’s critical that the lawyer you hire has a firm grasp on the specifics of those laws as well as the proper training to handle them ably.

It’s easy enough to check the expertise of the lawyers you’re choosing from because their diplomas are likely to be on display for anyone to study and see. Additionally, you can also always ask.

Experience

You naturally want a Provo bankruptcy lawyer that always wins. In your case, it’s a matter of getting what you absolutely need to have a great restart to your life. Again, this is something that the best lawyers are happy to talk to you about.

Beyond that, you could also check court records to discover how well they perform in these cases. Additionally, you can check for online reviews of this particular lawyer or ask around for those who have engaged their services.

Compassion

Engaging the services of a great lawyer requires money, which you’re not likely to have on hand considering your situation. The best bankruptcy lawyers will provide terms amenable and considerate of your situation.

They will offer terms that rely on the success of your case as opposed to simply tallying the hours of their work. This is one of the most critical considerations as it can make the situation far lighter than it already is.

Utah Chapter 13 Bankruptcy: What You Can Expect

Bankruptcy in Salt Lake CityIn Utah, you could choose from two types of bankruptcy: Chapter 13 and Chapter 7. With Chapter 7, you get a clean slate because most of your debt will be discharged, with Chapter 13, you’ll have to pay off all or some of your debt. This article focuses on how a Chapter 13 bankruptcy works.

How Exactly Does a Chapter 13 Work?

If you think that a Chapter 13 is best for you, you must create a realistic budget to get you through the entire repayment process. If you qualify for a Chapter 13, you will have to make a clear and realistic repayment plan, keeping in mind the most favorable terms that are specific to your financial condition and specific circumstances.

You’ll have to then submit it to the bankruptcy court, complete and file the right forms, and wait for approval. The court will also call you in for meetings or hearings that will involve discussions regarding your repayment plan. Your creditors will be asked to attend these as well. Once approved, your repayment plan will commence approximately 30 days after you filed your case in court.

In general, courts allow debtors up to three to five years to pay off their debts. Subject to court approval, you might be able to retain all or most of your property. Your creditors will be required to follow your repayment plan accordingly and won’t be able to collect debts that are not a part of the court-approved repayment plan. Through all this, the court will monitor your progress to make certain that all individuals and/or entities are following the plan. When you have repaid all your debts according to the repayment plan, the court will terminate it and discharge your debts.

Some Crucial Considerations

According to a seasoned bankruptcy attorney in Salt Lake City, a Chapter 13 bankruptcy will require your utmost commitment and involvement than a Chapter 7 bankruptcy case. That said, you must weigh all your options and thoroughly assess circumstances, keeping in mind your income, expenses, and assets when deciding whether to file for a Chapter 13 or Chapter 7. In general, Chapter 13 might be your best recourse if you have regular income, but couldn’t quite cover your monthly expenses and repay your debts on time.

When the Going Gets Tough, File for Bankruptcy to Survive

Bankruptcy in UtahBankruptcy is almost synonymous with losing everything.

But, when applied correctly, it’s also a way to get out of financial woes.

According to UtahBankruptcy.com, filing for bankruptcy is only frightening if you don’t know what you’re doing. However, if you’re familiar enough with the workings of the bankruptcy proceedings, it’s possible to make it work to your advantage.

Use with Caution and Only as a Last Resort

While there are advantages to a bankrupt status, it’s never good to make it a habit to officially declare yourself as financially incapacitated. Alternative solutions include:

● Checking with your lenders/creditors if they are open to adjusting the loan rate or repayment frequency

● Talking with a legal professional about a repayment arrangement via a third-party guarantor

● Verifying if consolidating your debts can get you lower interest rates and more sustainable and realistic repayment arrangement

Tie Loose Ends Before You Turn a New Chapter

Never file for bankruptcy if you still have any issues with employment, hospital bills, and other obligations. Fix everything first. The purpose of filing for bankruptcy is to have a second chance at your financial life. The last thing you need is excess baggage waiting to drag you down again.

The Chapter 7 and 13 Bankruptcy

There are two types of bankruptcy, which are more commonly referred to as Chapter 7 or Chapter 13. Chapter 7 is simply the full or partial liquidation of your assets while Chapter 13 enables you to reorganize your entire credit line. If you want to potentially keep your home, car, and other valuable assets, filing for a Chapter 13 bankruptcy is a great option.

Sometimes, the only way to get back on your feet isn’t by standing right back up. When it comes to financial trouble, letting the situation sink in for a while might be a great idea.