Bankruptcy Process in Salt Lake City Utah

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BANKRUPTCY PROCESS IN UTAH
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BANKRUPTCY PROCESS IN SALT LAKE CITY

• As a debtor based in Utah, there are two ways to
  obtain protection from your creditors. You can
  either file for Chapter 7 or Chapter 13
  bankruptcy case. Would you like to know how one
  differs from the other or what are their
  advantages and disadvantages? To start off,
  choosing between Chapter 7 or Chapter 13
  bankruptcy protection will greatly rely on the
  individual circumstances surrounding each debtor.

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WHAT TYPES OF BANKRUPTCIES ARE THERE?

• There are four types of bankruptcies, each named
  for their respective chapter in the United States
  Bankruptcy Code. The type of bankruptcy you file
  depends on numerous factors, including whether
  you are an individual or a business. The four
  types of bankruptcies are

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CHAPTER 7 BANKRUPTCY

• You need time to negotiate with your lender. If
  you dont wish to have the vehicle back, Chapter
  7 can help you eliminate your deficiency balance.
  However, Chapter 7 wont be very useful if the
  car was already sold. This is why its important
  you file Chapter 7 as soon as possible as it will
  provide you with more opportunities to negotiate.
  The moment you need Salt Lake City Chapter 7
  Bankruptcy Attorney, creditors will have to stop
  bombarding you. They will need a court permission
  in order to pursue their collection efforts.

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CHAPTER 11 BANKRUPTCY

• Chapter 11 is very convenient for large
  corporations going through difficult times. Some
  corporations may file for bankruptcy discreetly.
  This is why you dont hear much about it in the
  news. Although a chapter 11 case generally comes
  to a close within 8 months to 2 years, there is
  no limit on the amount of time the case may
  require. According to reports, about 10 out of
  15 of Chapter 11 cases are successfully
  reorganized.

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CHAPTER 12 BANKRUPTCY

• Chapter 12 Bankruptcy is the most recent addition
  to the bankruptcy laws. It specifically allows
  family farmers and family fishermen to avoid
  liquidating all of their assets, or avoid
  foreclosure by restructuring their finances.
  Chapter 12 is the least common of the bankruptcy
  filings. That is because it only pertains to a
  small portion of the population. Of more than 1
  million cases in 2011 less than 650 were Chapter
  12 filings. That's why you need Chapter 12
  Bankruptcy Attorney in Utah

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CHAPTER 13 BANKRUPTCY

• This is also an option. Chapter 13 Bankruptcy
  Attorney will help you force the lender to give
  you back your car and you pay off in the coming
  years. Its also possible to reduce the balance
  you own and interest rate. In Chapter 13 you have
  to prove that your income goes to paying your
  debts. Only those expenses that are considered
  necessary can be deducted. In other words, if you
  own a lexus, Chapter 13 may not be a good option
  for you. A lowered price vehicle will be a better
  choice.

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JUSTIN MYERS ATTORNEY-AT-LAW

• At Justin Myers Attorney-at-Law, we will gladly
  discuss these legal remedies with you. You can
  trust us to educate you on the finer points of
  bankruptcy law so you can make a well-informed
  decision as which legal option to take. Would you
  like to schedule an appointment with a bankruptcy
  attorney Salt Lake City? Call us at (801)
  505-9679 today.

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• We will recommend to you the best possible
  recourse to achieve the most favorable outcome.

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Contact
JUSTIN MYERS ATTORNEY-AT-LAW
Phone [phone] Fax [phone] SOUTH
JORDAN OFFICE 1122 W. South Jordan Pkwy. Suite A
South Jordan, UT 84095 https//www.jmmlegal.com/c
ontact/
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Thank You!