Many people find it difficult to file for insolvency but this can be made easy by hiring a reputable bankruptcy attorney. By choosing to hire a bankruptcy lawyer Salt Lake City inhabitants can know if filing for insolvency is the appropriate decision or not. They will also be assisted to go through the legal proceedings involved efficiently.
Most people who declare themselves bankrupt usually have large amounts of credit card debt and may be facing problems such as divorce, job loss and personal injuries among others. This makes them have mounting penalties and debt they cannot pay. Bankruptcy law is designed to help such individuals make a fresh start in life instead of spending their lives struggling to repay huge debts.
If you have declared yourself bankrupt, there are two major types of bankruptcies that you can file. These are chapter 7 and 13. Chapter 7 bankruptcy can assist you to get rid of the unsecured debts you have but you have to give up the non exempt properties you own. People who do not have equity or non exempt property can file for no asset bankruptcy.
Chapter 13 insolvency on the other hand takes 3 to 5 years to eliminate debt. Instead of giving up your assets, you repay a certain portion of what you owe and live within a budget monitored closely by an insolvency court trustee. If you are unable to make the required monthly payments, your debts will remain unless you convert to a chapter 7 insolvency.
If you have been unable to pay secured debts like a mortgage and you need to catch up with them by proposing a chapter 13 plan, filing for chapter thirteen insolvency can be a solution. A certain mathematical formula known as the means test is utilized to determine the type of insolvency you can qualify for. Some of the factors it takes into account include the kind and amount of debt and your monthly salary among other factors.
Hiring a qualified attorney is essential and people filing for insolvency can ask their friends, relatives and coworkers to provide them with recommendations. The testimonies that residents of this city can get from individuals who have filed for insolvency can help them select the right attorney. They should gather as much information about the lawyers recommended to them and hold interviews with them.
Another way to find a reputable attorney is to get recommendations from the bar association in this city. You can also ask your personal lawyer to refer you to a good insolvency attorney. Visiting the offices of trusted law companies and selecting the attorney of your choice is the other way to find a reputable lawyer.
As they hire a bankruptcy lawyer Salt Lake City residents should check the credentials of the professional and his or her experience in handling cases similar to theirs. They should also look for an attorney who can provide them with personalized attention. It is also important for residents of this city to hire an attorney who charges reasonable fees.
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