Steve Novak: Bankruptcy Lawyer North Salt Lake

Each year many Americans end up having to seriously for bankruptcy for no fault of their own. They have no idea about the bankruptcy court procedure and the forms to be filed. All that they know is they need to go to court and the court will do something to help them. That’s not how it is. The court will only help if you follow the process and submit the correct forms. The court will not magically make your debts disappear. If you are facing bankruptcy or you are overburdened with debt and you don’t know what to do, speak to an experienced North Salt Lake Utah bankruptcy lawyer. Time is very important. The earlier you speak the better it is for you. With each passing day, the debts will mount. The creditors and debt collectors will keep calling you. Once you file for bankruptcy these calls will stop. If your creditor or debt collector calls you after they know you have filed for bankruptcy, they are violating the law. An experienced North Salt Lake Utah bankruptcy lawyer will ensure that once you file for bankruptcy, your creditors and debt collectors won’t call you. If they continue to call you, you can take action against them with the help of your Experienced North Salt Lake Utah bankruptcy lawyer.

Why bankruptcy

You may come across many “experts” who will advise you that there are viable alternatives to bankruptcy. These alternatives may work in some cases. Generally, these alternatives require you to make a huge payment upfront. Also, the alternatives need the consent of the creditors. The creditors are legally not required to agree to the alternative. Each creditor has to be dealt with on an individual basis. Your creditor may not agree to the alternative. In a bankruptcy your creditors do not have much say in how the debts will be paid. It’s the bankruptcy court that will determine the payments. In effect when you go to a creditor to renegotiate or use any other alternative to bankruptcy, the ball is essentially in the creditor’s court. Whereas in case of bankruptcy, the creditors can’t do much. Also, they cannot contact you for the debt once you have filed for bankruptcy. They can’t take any action to recover the debt because of the stay. If a creditor violates the stay, you can take action against the creditor.

Individual Debtors

How long your bankruptcy proceedings will take will depend on your bankruptcy chapter. As an individual debtor, you can file under chapter 7 or chapter 13. Chapter 7 is also called liquidation. As the name suggests, it is essentially a liquidation process. Once you file a chapter 7 bankruptcy, a bankruptcy trustee appointed by the bankruptcy court will take over all your non-exempt assets and the assets will be sold to pay off your creditors. Some of your assets are exempt assets and the trustee will not touch them. Before you file a Chapter 7 bankruptcy consult with an experienced North Salt Lake Utah bankruptcy lawyer to know if you can file a Chapter 7 bankruptcy.

Individuals also file for bankruptcy protection under Chapter 13. A chapter 13 bankruptcy is referred to as a reorganization. It essentially means that you reorganize your debts and pay off your creditors over a period of time. You have to submit a plan to the bankruptcy court explain how you intend to pay off your creditors. Once the plan is approved, you start making the payments. Sometimes you may be better of filing under Chapter 7 than under Chapter 13. An experienced North Salt Lake Utah bankruptcy lawyer can help you determine the right chapter for your bankruptcy filing. Filing under the wrong chapter can prove costly. Don’t take chances. Seek the advice of an experienced North Salt Lake Utah bankruptcy lawyer. When you are filing for bankruptcy, you will be stressed out and may not be in a position to take sound decisions. However, the decisions you take at this stage can play an important role in the outcome of your bankruptcy petition. Let an experienced North Salt Lake Utah bankruptcy lawyer assist you with the important decisions at this stage. You will not regret it.

Chapter 7

If you have a few big assets like a home that you are seeking to protect, you should consider filing under Chapter 7. However, speak to an experienced North Salt Lake Utah bankruptcy lawyer. Getting the paperwork done in time is very important. Because you have defaulted on the payments, your creditors may have sold the account to debt collectors. You will have to list the debts that you owe and to whom. This information must be given to the bankruptcy court at the time of filing of your bankruptcy petition. Do not leave out any debts. A debt that you have left out will not be discharged and you will continue to remain liable for that debt. Your experienced North Salt Lake Utah bankruptcy lawyer can help you trace your debts and link them to your creditors.

Once you file a Chapter 7 bankruptcy proceeding in Utah, the bankruptcy court will review your papers to ensure that everything is in order. However, from the moment your petition is submitted to the court, your bankruptcy protection starts. Your creditors can no longer contact you. Your experienced North Salt Lake Utah bankruptcy lawyer will send notices to your creditors that you have filed a Chapter 7 bankruptcy. Should any creditor call you after you have filed a Chapter 7 bankruptcy in Utah, refer the creditor to you lawyer who will deal with the creditor.

Chapter 13 Bankruptcy

If you have a lot of assets and you have a steady source of income, you should consider a Chapter 13 bankruptcy. Speak to experienced North Salt Lake Utah bankruptcy lawyer to know if a Chapter 13 bankruptcy is an option for you. In a Chapter 7 bankruptcy, the bankruptcy trustee takes over your assets and sells them to pay off your debts. Unlike a Chapter 7 bankruptcy, in a Chapter 13 bankruptcy, the debts are paid off over a period of time and you continue to retain your assets. The most important part of a Chapter 13 bankruptcy is the repayment plan. Your experienced North Salt Lake Utah bankruptcy lawyer will assist you prepare a repayment plan that you can afford. The plan essentially lays down how you will pay off your debts over a period of time.

The First Step

If you are a Utah resident and you want to file for bankruptcy, speak to experienced North Salt Lake Utah bankruptcy lawyer today. Bankruptcy can help you get rid of serious credit problems. Bankruptcy is essentially a Federal law. By law, before you file for bankruptcy you must undergo credit counselling. This counselling must be done within 180 days from the date on which you have filed for bankruptcy. If its done before that, you will have to get it done again. Not all credit counselling programs qualify for this purpose. The credit counselling must be done by an organization that is approved by the Bankruptcy Trustee. The objective of this counselling is to help the debtor create a budget, manage money and use credit wisely.

Bankruptcy Means Test

Speak to experienced North Salt Lake Utah bankruptcy lawyer to know more about the Means Test. Once you have completed the credit counselling, you must pass the Means Test if you want to file a Chapter 7 bankruptcy in Utah. If you do not qualify for a Chapter 7 bankruptcy in Utah, you can file under Chapter 13. If the Means Test determines that you have enough money to pay off at least a portion of your debts, you will not qualify for Chapter 7. The idea is to ensure that Chapter 7 is used by debtors who cannot pay off any of their debts. If your household income is below the median Utah family income, you may qualify for filing under Chapter 7. If you do not qualify for filing a Chapter 7 bankruptcy in Utah, don’t worry. Consult an experienced North Salt Lake Utah bankruptcy lawyer. You can still file for bankruptcy protection under Chapter 13.

Court Supervised Repayment

In a Chapter 13 bankruptcy, the debtor submits a repayment plan to the court. If the court approves the plan, the debtor pays off the debts over a period of time under the supervision of the court. Under the time the repayment plan is in operation, your financial activities will be closely monitored by the bankruptcy trustee. If you want to buy a new car or spend on a luxury item during the operation of the repayment plan, speak to experienced North Salt Lake Utah bankruptcy lawyer. Such spending can incur the wrath of the bankruptcy court. However, your experienced North Salt Lake Utah bankruptcy lawyer may be able to get you permission from the court to buy a new car. If during the operation of the repayment plan, there is a substantial increase in your income, you may be required to divert the increase towards the payments under the plan. In a way, it will help you complete the payments faster and get a discharge sooner.

Creditor Meeting

The creditor meeting is the time you will come face to face with your creditors after you have filed for bankruptcy in Utah. Never attend these meetings alone. Always have an experienced North Salt Lake Utah bankruptcy lawyer accompany you to the creditor meetings. It can be an emotionally charged moment for you – coming face to face with your creditors, including some who have been calling you every day asking for payment. Many of them may object to your bankruptcy filing saying that you have the means to pay off your debts. Do not speak anything during the hearing unless you are asked to do so by the trustee. If the trustee asks you any questions, let your experienced North Salt Lake Utah bankruptcy lawyer answer them. If you want to answer them yourself, talk to your attorney before answering them. This creditor meeting will be the only time you will have to attend the bankruptcy court. Don’t let this one court attendance spoil your chances of a successful bankruptcy. Hire the services of experienced North Salt Lake Utah bankruptcy lawyer.

Bankruptcy Discharge

Once all your debts are paid off, you will get discharge. You will no longer be liable for these debts. In a Chapter 7 bankruptcy case in Utah, a debt is discharged the moment the bankruptcy trustee pays off the creditor from the sale proceeds of your assets. In a Chapter 13, the debt is discharged after it is paid as per the repayment plan submitted by you and approved by the bankruptcy court. Not all debts can be discharged by bankruptcy. Certain debts will survive bankruptcy. An experienced North Salt Lake Utah bankruptcy lawyer will review your circumstances and explain to you which of your debts can be discharged and which of your debts will survive bankruptcy. Generally, you cannot discharge certain court ordered payments like child support. Student loans also survive bankruptcy. However, you may be able to get some benefits in bankruptcy with regard to your student loan debt. If you owe money to the IRS, chances are those debts will survive bankruptcy and you will have to deal with the IRS to settle those debts if you cannot pay them off in full.

Seek Legal Assistance

Bankruptcy is a serious event. Don’t take it lightly. There are many websites and books that offer directions on how to file for bankruptcy without an experienced North Salt Lake Utah bankruptcy lawyer. Don’t fall for the bait. Trying to navigate the complex maze of bankruptcy law can be like finding a needle in a haystack. Always hire the experienced North Salt Lake Utah bankruptcy lawyer. The lawyer is a professional and knows the bankruptcy law. Should your bankruptcy proceeding hit a roadblock, the lawyer will ensure that you can overcome that roadblock. What you need to keep in mind is that an experienced North Salt Lake Utah bankruptcy lawyer is your best friend when it comes to bankruptcy protection. The lawyer will not just file your bankruptcy petition in the bankruptcy court. He will stand by you all the way. Even after you get a discharge, an experienced North Salt Lake Utah bankruptcy lawyer will be there to advise you on how you can rebuilt your credit after bankruptcy.

North Salt Lake Utah Bankruptcy Lawyer Free Consultation

When you need legal help for a bankruptcy in North Salt Lake Utah, please call Ascent Law LLC (801) 676-5506 for your Free Consultation. We can help you with: Chapter 7 Bankruptcy. Chapter 12 Bankruptcy. Chapter 11 Bankruptcy. Chapter 9 Bankruptcy. Chapter 13 Bankruptcy. Adversary Proceedings. Discharge Problems. Obtaining Relief From the Automatic Stay. And Much More. We want to help you.