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Drowning in debt is not something that happens overnight. Then again, such predicaments do not choose and they can happen to anyone. What happens in the majorities of cases is that a borrower falls behind on payments. One struggle slowly turns into more than a few unpaid debts and the nagging of creditors will not let you have a good night sleep. If you want to regain your financial footing without giving up your assets, chapter 13 offers the most ideal laws to file under. If you are interested in chapter 13 Salt Lake City Utah could offer you a reliable number of top rated lawyers.
What happens is that you would be offered a chance to restructure your debts. While this may seem basic, it is actually very complicated and hence the need to work with a lawyer who can defend your rights and provide adequate guidance. The complexity of the system should not intimidate you if you have a competent attorney in your corner.
The first step would involve filing the required paperwork. This is a very delicate process and any mistakes you make could send the whole case crumbling. The filed petition needs to contain descriptions of your debts as well as your assets. In addition, it should come with your tax returns and any major transactions you have made within the past few years. The court will also demand that you go for basic credit counseling and come up with a debt repayment plan within 15 days after filing.
After you have filed your petition, you will need to head to court after 30 days for what is known as a creditors meeting. During the meeting, you will meet with a trustee who is appointed by the court. This is when your payment plan will be discussed and any noted concerns will be addressed. It is also possible to sit in the meeting with representatives from your creditors.
Following the creditors meeting is a confirmation hearing, which takes place within 30 days or so. The bankruptcy judge has to review your latest proposals before anything is determined. If all seems great, you will be offered the opportunity to make any adjustments that are necessary.
The final process involves working on your payment plan. You have to honor your end of the bargain for you to regain a grip over your financial life. Payments are handled by the trustee and hence you must be diligent and prompt. Keep in mind that other counseling sessions will held where paperwork revolving around your payment progress will be evaluated.
Filing for bankruptcy is not an easy process. The laws that govern such cases are intricate and it is best for you to consider hiring a lawyer as a crucial investment. The ideal attorney will walk you through each step and ensure that you get a favorable outcome in the long haul.
Before hiring any legal representative, go through his or her professional history. You want to find out how long the expert has been in practice and how many cases like yours he or she handled the previous year. Most importantly, you must evaluate the success rate of a lawyer before committing to getting assistance.
What happens is that you would be offered a chance to restructure your debts. While this may seem basic, it is actually very complicated and hence the need to work with a lawyer who can defend your rights and provide adequate guidance. The complexity of the system should not intimidate you if you have a competent attorney in your corner.
The first step would involve filing the required paperwork. This is a very delicate process and any mistakes you make could send the whole case crumbling. The filed petition needs to contain descriptions of your debts as well as your assets. In addition, it should come with your tax returns and any major transactions you have made within the past few years. The court will also demand that you go for basic credit counseling and come up with a debt repayment plan within 15 days after filing.
After you have filed your petition, you will need to head to court after 30 days for what is known as a creditors meeting. During the meeting, you will meet with a trustee who is appointed by the court. This is when your payment plan will be discussed and any noted concerns will be addressed. It is also possible to sit in the meeting with representatives from your creditors.
Following the creditors meeting is a confirmation hearing, which takes place within 30 days or so. The bankruptcy judge has to review your latest proposals before anything is determined. If all seems great, you will be offered the opportunity to make any adjustments that are necessary.
The final process involves working on your payment plan. You have to honor your end of the bargain for you to regain a grip over your financial life. Payments are handled by the trustee and hence you must be diligent and prompt. Keep in mind that other counseling sessions will held where paperwork revolving around your payment progress will be evaluated.
Filing for bankruptcy is not an easy process. The laws that govern such cases are intricate and it is best for you to consider hiring a lawyer as a crucial investment. The ideal attorney will walk you through each step and ensure that you get a favorable outcome in the long haul.
Before hiring any legal representative, go through his or her professional history. You want to find out how long the expert has been in practice and how many cases like yours he or she handled the previous year. Most importantly, you must evaluate the success rate of a lawyer before committing to getting assistance.
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