Bankruptcy In Utah - Mpacts Of Filing For Bankruptcy On Your Assets

Prevent foreclosure: The bankruptcy process offers debtors a "fresh start." A chapter

7 Bankruptcy will abrogates all your unsecured debts such as credit cards, personal loans, and medical bills. Chapter 7 Bankruptcy offers debtors a fresh start if they are overwhelmed by their debts. When your bankruptcy case is over, an individual still requires basic possessions and assets to move forward. The Bankruptcy Code recognizes these basic needs and offers various property exemptions from liquidating their assets for debtors. If property is exempt, it won't be matter to your creditors' claims and it won't be sold at auction by the bankruptcy court trustee.

In terms of bankruptcy assets, you should first decide which type of bankruptcy you are going to declare. In chapter 7 bankruptcy, your aim to carry off all or a very large proportion of your outstanding debts. In this case you are likely to be forced to forego certain assets. However, what is often the case is simply that people those who declaring bankruptcy very rarely have any notable assets anyway. Your home and car is usually protected by certain laws.

Bankruptcy assets are not even anything to conceive in chapter 13 bankruptcy, which makes a payment plan for you to repay debts over a number of years, either in full or part. You will not be required, in this case, to forfeit assets.

But of course, if you declare chapter 7 bankruptcy and wipe out your debts to be left with your home, your home (if still under mortgage) is at risk of foreclosure if you are unable to meet your monthly mortgage payments. Homestead laws (which vary between states) are designed to protect against having to forfeit your home to pay unsecured debts. The bank, however, with whom you have your mortgage, is still within their right to begin foreclosure proceedings against you if you are unable to pay your mortgage.

Many people think that declaring bankruptcy will entail liquidating all of their personal possessions. This is absolutely not true. Bankruptcy Professionals at CC Brown Law are well versed in the exemption laws of California. We know how to protect your property, and still get rid of your debts. Our number one goal is to get rid of your debts, yet allow you to still retain all of your property. The bankruptcy laws have exemptions, which will allow you to keep your property, and we can make sure we use those laws to your advantage. Call us today 801-265-8500 to set up a free consultation and see whether we can exempt all your property and still discharge all of your debts in a bankruptcy.

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