Chapter 7 Bankruptcy Lawyer
Get a FRESH START today! The underlining policy behind Bankruptcy law is to award the debtor a fresh start in life by excusing the majority of his or her financial obligations and allowing the debtor to start over new debt free.
A Chapter 7 Bankruptcy Provo is considered a “Liquidation” Bankruptcy. The vast majority of Bankruptcy filings fall under this chapter. The general idea in a Chapter 7 Bankruptcy is that most of the debtor’s financial obligations are completely “wiped away” excusing the debtor of any future liability (you don’t have to pay it back).
Debt that can be “wiped out” in a Chapter 7 Bankruptcy includes; Credit Card Debt, Medical Bills, Judgments, Personal Loans, Auto Repossessions, Home Foreclosures, Business Loans, Pay Day Loans as well as other types of secured and unsecured debts.
What will a Chapter 7 Bankruptcy Provo do for you? There are many advantages to filing a Chapter 7 Bankruptcy; most of these advantages take place immediately upon filing your Bankruptcy. Some of these advantages are:
- Creditors must stop calling, emailing, sending letters, etc. (They go away forever!),
- Wage Garnishments immediately stop,
- Law Suites are stayed and may go away all together,
- Home foreclosures may be stayed for a time,
- Auto Repossessions may be stayed for a time,
- Dissolve a business and walk away without personal liability,
- You get a FRESH START!
To find out more about Chapter 7 Bankruptcy and whether it may be right for you, visit our page titled Bankruptcy Questions
Chapter 13 Bankruptcy Lawyer
A Chapter 13 Bankruptcy Provo is considered a “Repayment” Bankruptcy. The idea in a Chapter 13 Bankruptcy is that the debtor agrees to repay his unsecured creditors a monthly payment during a 3 to 5 year period. Once the 3 to 5 year period is over, assuming the debtor made all of the monthly payments, all future liability on those debts is gone. In return for making the monthly payments the debtor is allowed to keep most if not all of his or her personal assets.
What will a Chapter 13 Bankruptcy do for you? There are a few huge advantages to filing a Chapter 13 Bankruptcy instead of a Chapter 7 Bankruptcy. Some of these advantages are:
- Remove a second mortgage from your home! You may be able to literally “strip” off or remove a second mortgage from your home and keep the home,
- Prevent a Home Foreclosure indefinitely,
- Keep a home that you owned free and clear,
- Prevent Auto Repossessions,
- Keep a vehicle that is owned free and clear,
- Keep other assets that you would lose in a Chapter 7 Bankruptcy.
To find out more about Chapter 13 Bankruptcy Provo and whether it may be right for you, visit FAQ page.