When you start looking into declaring chapter 7 bankruptcy, it can be a very scary process for you to go through. If you have never been involved in the legal system before, you might not know what exactly to expect. You might have many questions about what is going to happen next and what all of the legal jargon related to your case means. Being left in the dark over this legal process can be extremely stressful if you are not taken care of. This is why you should hire a Utah bankruptcy attorney.
The honest truth is, bankruptcy is a very serious process and you only need to work with an attorney that is willing to help you understand the current status of your case along with what you can expect next. To help you get a grasp of what is happening, read more about the process below so that you can gain the knowledge necessary to ensure that your case is handled properly without any issues or possible confusion. Learn more at http://markalexander.over-blog.com
Legal Jargon
There was an excellent write up that covered most of the legal jargon that is usually used whenever you go through a bankruptcy. Read more about many of the complicated legal phrases so that you can make this process a bit simpler.
Create List
You will need to compile a list of all of your creditors. Ensure that you get the amount that you owe each creditor.
Credit Report
It’s in your best interest to get a copy of your credit report so that you have documentation of any other creditors you may have overlooked.
Organize Paperwork: Get everything below ready for your attorney.
• Last 90 days of paystubs through a current employer.
• Recent bank statement.
• Previous tax returns
• Retirement and broker account recent statements
• Recent invoices/bills of creditors
• Past collection letters you received
• Any lease/loan contacts
• Appraisals of any properties that you currently own
• If a bankruptcy was filled before. Bring previous paperwork
• Any legal papers you’ve received, including but not limited to lawsuits, judgments, wage garnishments, divorce decrees, court orders and child-support orders
• Proof of your identity
Debt Relief Options
Personal Bankruptcy and other options are available to you. Before we get into the other options I will give you a short description of Chapter 7 and Chapter 13 and why so many people are utilizing this relief today.
Chapter 7 and Chapter 13 are the two main chapters under Title 11. This is referred to by many as the Bankruptcy Code. A Chapter 7 Bankruptcy is a liquidation of assets while a Chapter 13 bankruptcy is a reorganization where the debtor creates a three to a five-year payment plan. Under Chapter 7, you can still keep some assets and most of the time under Chapter 13 you can keep all or just about all of them.
The primary reasons for filing personal bankruptcy are generally as follows:
(1) Unforeseen medical expenses
(2) Excessive credit card debts
These are usually caused from the loss of employment, reduction of work hours, divorce (very common), unable to get a home loan or refinancing due to the value of the home has declined to more than what the home is worth. Needless to say, many of these events create not only financial difficulty, but also a tremendous amount of disruption and stress within the family. This makes it especially important that individuals consider all available options and bankruptcy alternatives to make sure whatever action they settle on is in their best long-term interest.
Conclusion
Hire Utah bankruptcy attorney Ryan E. Simpson for a free consultation.
