Debt is a horrible thing to deal with; and the bankruptcy attorney Utah residents can turn to ensure that clients facing this burden do not undergo excessive difficulties. Your lawyer can protect you from the consequences of debt, whether they are foreclosure, garnishment, or collection from relentless creditors.
A law firm like Lewis Adams & Associates specializes in Chapter 7 and Chapter 13 bankruptcy, which are two common forms of bankruptcy most people have problems with. Chapter 7 bankruptcy is the kind of debt in which individuals no longer have the ability to pay their existing debt obligations. Often referred to as full or liquidation bankruptcy, this type of bankruptcy allows the debtor’s assets to be taken and converted to cash to pay creditors. In some cases, individuals are relieved from overwhelming debt.
Conversely, Chapter 13 bankruptcy is a repayment plan often referred to as consolidation bankruptcy. This works to the advantage of individuals who lost their jobs, have accumulated medical expenses, or suffered from catastrophic events. Chapter 13 bankruptcy enables people who can make monthly payments and with a regular income to get back on their feet, preventing foreclosure or repossession of properties. The filing of this type of debt stops your creditors from taking your properties.
Bankruptcy lawyers in Utah can help negotiate your case in court and provide you solutions toward eliminating or reorganizing your debt. Once you engage an attorney, you immediately enjoy his services which include: initial consultation, preparation and filing of bankruptcy petitions and reaffirmation agreements, confirmation hearings, and other motions.
An initial consultation is when your lawyer assesses your overall financial situation, understands your financial goals, and discusses debt relief options ideal to your situation. This is also when you know whether filing for bankruptcy is appropriate and what kind is applicable to your case. Afterwards, your lawyer will prepare your bankruptcy petition and file it in court.
Prior to submitting all the paperwork, you and your lawyer will discuss the petition to ensure that all your assets and creditors are listed, and that the documentation is free from error. As soon as documents are filed, the client is put under the protection of automatic stay, so collection activity of creditors ceases.
Your Salt Lake City bankruptcy attorney is also responsible for negotiating, reviewing, and signing agreements on properties you intend to keep, like your house or car. Motions include redemption motions to reduce car payments and avoid judicial liens on real estate. Finally, your lawyer will work toward the protection that you deserve while representing your case.
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