The option of declaring bankruptcy is available to both people and businesses. Your obligations will be canceled once your bankruptcy is finished.
Although it’s common for people to inquire about the drawbacks of declaring bankruptcy, it’s crucial to remember that there are also benefits. You get a fresh start with bankruptcy, and collection calls stop as well.
What benefits do declaring bankruptcy offer?
It’s also crucial to understand that declaring bankruptcy has a number of benefits. People can get a new start or a payment schedule that fits their financial situation through bankruptcy. Knowing the benefits can help you more accurately balance the advantages and disadvantages so you can make a choice.
With bankruptcy, you can start over
Filing for bankruptcy can provide you a fresh start since many people who are drowning in debt do so. Your financial condition should ideally be better than it was prior to filing, regardless of the chapter you choose. After all, filing for bankruptcy can help you pay off personal loans, medical costs, and credit card debt.
Your property is yours to retain
You don’t lose all of your property if you file for bankruptcy under Chapter 7, but it is liquidated. Every state also has exemptions. This means that you won’t have to liquidate certain possessions, like as autos, jewelry, or home items, if their value is less than a certain threshold. Additionally, your trustee may decide that some assets aren’t worth selling off.
You are given a stay immediately
The court notifies creditors to stop phoning and writing when you begin the bankruptcy process. This is what is referred to as a “automatic stay,” which also stops wage garnishments. Stopping collections might be a relief for some people because receiving the frequent collection calls and postal reminders can be rather distressing.
You’ll be given a payment schedule that suits your needs
When you choose to file for Chapter 13 bankruptcy, you have the option of reorganizing your debt and setting up a payment schedule. You present a payment plan to the court early on in the filing procedure that, based on your existing income, you believe fits within your spending limit. Your former payments might have been far greater and burdensome, so this can be useful.
Legal action is no longer a possibility for you
When you owe money, there’s a potential that your creditors will file a lawsuit to get what they’re owed. Once you file for bankruptcy, your creditors are prohibited from pursuing you to court for nonpayment. Prior to declaring bankruptcy, if a matter was in court, the court case will be stayed.
Loans are still available
Yes, a bankruptcy will appear on your credit reports and make it more challenging for you to receive loans, but you could still be able to do so. There are lenders who focus on “high-risk” lending, which entails lending to borrowers with poor credit or other undesirable marks, such as a bankruptcy.
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
If you have any questions or in need a Bankruptcy Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
When you need a Bankruptcy Lawyer, contact this law firm:
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
Ascent Law LLC
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Centerville, Utah
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Centerville, Utah
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|---|---|
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City
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| City of Centerville | |
Centerville City Hall, August 2008
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| Nickname:
C-Ville
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| Motto:
Making Life Better[1]
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Location in Davis County and the state of Utah.
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| Coordinates: 40°55′37″N 111°52′48″WCoordinates: 40°55′37″N 111°52′48″W | |
| Country | United States |
| State | Utah |
| County | Davis |
| Government | |
| • Mayor | Clark Wilkinson |
| Area | |
| • Total | 6.03 sq mi (15.61 km2) |
| • Land | 5.96 sq mi (15.45 km2) |
| • Water | 0.06 sq mi (0.17 km2) |
| Elevation | 4,367 ft (1,331 m) |
| Population
(2010)
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| • Total | 15,335 |
| • Estimate
(2019)[4]
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17,587 |
| • Density | 2,948.86/sq mi (1,138.52/km2) |
| Time zone | UTC-7 (Mountain (MST)) |
| • Summer (DST) | UTC-6 (MDT) |
| ZIP code |
84014
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| Area code(s) | 385, 801 |
| FIPS code | 49-11980[5] |
| GNIS feature ID | 1439622[3] |
| Website | centervilleut |
Centerville is a city in southeastern Davis County, Utah, United States. It is part of the Ogden-Clearfield Metropolitan Statistical Area. The population was 15,335 at the 2010 census. It is located adjacent to the easternmost part of the Great Salt Lake.
Bankruptcy Lawyer Near Centerville Utahhttps://t.co/q5BERQ2o7h pic.twitter.com/PuZ2r1Q4Fu
— Ruby Norta Gumapac (@NortaRuby) December 7, 2022
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