Bankruptcy Lawyer Near St. George Utah
Bankruptcy Lawyers – Bankruptcy Types and Reaffirmation Agreements
Bankruptcy lawyers are in more demand today than ever before, thanks to the freefall in the economy and the consequent impact on jobs and incomes.
There are two main types of bankruptcy, Chapter 7 and Chapter 11. Chapter 7 is also known as straight bankruptcy, and is filed by a business. A debt relief option known as Chapter 9 is filed by a debtor or municipality with the permission of the court.
Bankruptcy lawyers can represent creditors or debtors
Bankruptcy is a legal process that provides relief to debtors who are unable to repay their debts. It allows the debtor to create manageable payment plans and liquidate assets as payment. Bankruptcy cases are handled by the federal court system. Most cases are filed under Chapters 7 or 11, with some filed under Chapter 13.
Bankruptcy lawyers can represent creditors or debtors in a bankruptcy case. They often try to settle cases outside of bankruptcy by negotiating with creditors.
To successfully negotiate with creditors, debtors must show that they have money or something of value to offer. If the debtor can demonstrate that he or she has a large amount of debt and income, creditors are more likely to agree to a debt restructuring. These funds are often placed in escrow with the debtor’s bankruptcy attorney.
Chapter 13 bankruptcy is a wage earner’s plan
Chapter 13 bankruptcy, also called a wage earner’s plan, is a way to repay your creditors by setting up a repayment plan. This plan is designed to make it easier for debtors to pay their creditors while keeping their homes. It is typically developed by reviewing the debtor’s income and expenses to develop a repayment plan that will be affordable to meet. Most people find that this plan allows them to pay back their debts over three to five years.
One of the most common types of bankruptcy, Chapter 13 is a way to repay debts over a long period of time while keeping valuable assets. It is also called a wage earner’s plan, as it requires applicants to have a regular income. Unlike traditional bankruptcy, a wage earner’s plan allows debtors to pay back a portion of their debts each month based on their “expendable income,” which is the amount left over after they have paid for essential needs. For people who are struggling financially, a Chapter 13 bankruptcy repayment plan may be the best option for them.
Chapter 11 bankruptcy is a liquidation bankruptcy
Chapter 11 bankruptcy is a type of bankruptcy that allows a business to continue operating while paying off its debts. It differs from chapter 7 bankruptcy, which involves liquidating assets and shutting down the business. Unlike Chapter 7 bankruptcy, which involves liquidating assets and a sale of business assets, chapter 11 bankruptcy involves reorganizing the debt and assets of a business. This reorganization plan becomes a contract between the debtor and his creditors and allows the business to continue operating while paying off its debt.
A key feature of chapter 11 bankruptcy is that the debtor is allowed to keep some of his assets while the bankruptcy is in progress. The debtor is not allowed to sell these assets, but may restructure the loan terms in order to be more successful in the future. This restructuring process may lower the APR on the debtor’s loans and extend repayment times. It is important to note that unsecured debt is more likely to be forgiven than secured debt. However, student loan debt will not be discharged under this type of bankruptcy.
Chapter 13 bankruptcy is a reaffirmation agreement
A reaffirmation agreement is an agreement between a creditor and debtor that legally binds the debtor to continue paying a debt. There are several pieces of information that must be included in a reaffirmation agreement. In addition, the agreement must be submitted within 60 days of a creditors’ meeting. Generally, a reaffirmation agreement is used to keep secured debt from being discharged.
The Bankruptcy Code allows creditors to impose reaffirmation agreements on debtors who have personal property as collateral. This property is most commonly a vehicle, but can also be jewelry or other possessions. Mortgage lenders, however, are not allowed to impose reaffirmation agreements under Chapter 13 bankruptcy.
If you have any questions, you can get a free consultation with Ascent Law LLC:
Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506
https://g.page/ascentlaw?share
https://www.ascentlawfirm.com/bankruptcy-lawyer/
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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St. George, Utah
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St. George, Utah
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| City of St. George | |
Overlook of downtown St. George and adjacent Pine Valley Mountains
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| Nickname(s):
Utah’s Dixie, (the) STG
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Location within Washington County
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 St. George
Location within Utah
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| Coordinates: 37°06′15″N 113°35′03″WCoordinates: 37°06′15″N 113°35′03″W[1] | |
| Country | United States |
| State | Utah |
| County | Washington |
| Settled | 1861 |
| Incorporated | 1862 |
| Named for | George A. Smith |
| Government | |
| • Mayor | Michelle Randall |
| • City Manager | Adam Lenhard |
| Area | |
| • City | 78.47 sq mi (203.22 km2) |
| • Land | 78.46 sq mi (203.22 km2) |
| • Water | 0.00 sq mi (0.01 km2) 0.72% |
| Elevation | 2,700 ft (800 m) |
| Population | |
| • City | 95,342 |
| • Rank | 1st in Washington County 7th in Utah |
| • Density | 1,215.17/sq mi (469.16/km2) |
| • Metro | 180,279 (US: 239th) |
| • Metro density | 1,310/sq mi (510/km2) |
| Demonym | St. Georgian |
| Time zone | UTC−7 (Mountain) |
| • Summer (DST) | UTC−6 (Mountain) |
| ZIP Code |
84770–84771, 84790–84791
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| Area code | 435 |
| FIPS ID | 49-65330 |
| GNIS feature ID | 1455098[1] |
| Website | sgcity.org |
St. George is a city in and the county seat of Washington County, Utah, United States. Located in southwestern Utah on the Arizona border, it is the principal city of the St. George Metropolitan Statistical Area (MSA). The city lies in the northeasternmost part of the Mojave Desert, adjacent to the Pine Valley Mountains and near the convergence of three distinct geologic areas and ecoregions: the Mojave Desert, Colorado Plateau, and the Great Basin.[4] The city is 118 miles (190 km) northeast of Las Vegas, Nevada, and 300 miles (480 km) south-southwest of Salt Lake City, Utah, on Interstate 15.
As of the 2020 U.S Census, the city had a population of 95,342, with the overall MSA having an estimated population of 180,279.[5][6] St. George is the seventh-largest city in Utah and most populous city in the state outside of the Wasatch Front.
The city was settled in 1861 as a cotton mission, earning it the nickname “Dixie“. While the crop never became a successful commodity, the area steadily grew in population. Between 2000 and 2005, St. George emerged as the fastest growing metropolitan area in the United States.[7] Today, the St. George region is well known for its year-round outdoor recreation and proximity to several state parks, Zion National Park and The Grand Canyon. Utah Tech University is located in St. George and is an NCAA Division I institution.
About Saint George, Utah
St. George is a city in and the county seat of Washington County, Utah, United States. Located in southwestern Utah on the Arizona border, it is the principal city of the St. George Metropolitan Statistical Area (MSA). The city lies in the northeasternmost part of the Mojave Desert, adjacent to the Pine Valley Mountains and near the convergence of three distinct geologic areas and ecoregions: the Mojave Desert, Colorado Plateau, and the Great Basin. The city is 118 miles (190 km) northeast of Las Vegas, Nevada, and 300 miles (480 km) south-southwest of Salt Lake City, Utah, on Interstate 15.
Neighborhoods in Saint George, Utah
Bloomington Hills, Grand Heights Neighborhood, Middleton, St. George, Vernon Worthen Park, Bloomington Hills North Park, Blake Memorial Park, 2450 East Park, Tonaquint Park, Skyline Pond, St George Narrows, Black Ridge Cove by Richmond American Homes, Town Square Park, Pioneer Park, Shadow Creek Homes, Sun River St George, SunRiver St. George Community Association, Heidi Kapcsos, Realtor, eXp Realty St George Areas, Fountain Heights Apartment, The Dixie Sugarloaf
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