Personal Bankruptcy Lawyer Near Springville UT
Ascent Law LLC (801) 676-5506 Free Consultation
How Long Does it Take to Lose a House Through Bankruptcy Proceedings?
If you’ve been behind on your mortgage payments and want to avoid losing your house through bankruptcy, you can apply for a Chapter 13 bankruptcy. This type of bankruptcy wipes out most of your outstanding debt and can help you catch up. Chapter 7 bankruptcy is another option that can help you keep your house but also wipes out most of your debt. This method may not be right for everyone.
Chapter 13 bankruptcy can help you catch up on mortgage arrearages
Filing for Chapter 13 bankruptcy can help you catch up on your mortgage arrearages. A Chapter 13 plan will allow you to catch up on missed mortgage payments over a three-year period. During that time, you will not lose your property. Each state determines what types of property a debtor can keep and how much equity is protected. These figures are listed in the state’s bankruptcy exemptions. If you have equity in your home but it is not covered by your exemptions, you will have to pay your creditors the value of the nonexempt equity.
A chapter 13 bankruptcy plan allows you to pay a small portion of your debt and still be in good standing to catch up on your mortgage. A mortgage foreclosure is a major source of stress for most people, and if you’re behind on your mortgage payments, a Chapter 13 plan will give you the chance to catch up.
Chapter 7 bankruptcy can wipe out much (or all) of your outstanding debt
If you have large credit card bills, a Chapter 7 bankruptcy may wipe out most of your debt. However, there are certain types of debt that are not dischargeable, including debt owed on luxury purchases or cash advances. Additionally, you can also file for bankruptcy if you owe money on a secured loan that is backed by collateral or a lien on property. However, this type of bankruptcy may not completely eliminate your debt if the lender is still able to foreclose on or repossess your property.
Before filing for bankruptcy, you should talk to a bankruptcy attorney. This attorney can advise you on the best course of action and strategies. The most important factor in filing for bankruptcy or out-of-court settlement is having the correct advice. Online resources, including bankruptcy tools, can help you determine which chapters will be best for your situation.
Other types of bankruptcies
When you file for bankruptcy, you must be aware that you may lose your house, car, or other property. Whether or not you can keep your property depends on the type of bankruptcy and the equity in your home. Bankruptcy also does not remove the right of a car loan or mortgage creditors to seize your property. If you can make your payments, you may still be able to keep your home and other property, but you may lose personal belongings and furniture. In addition, you may lose expensive jewelry and bags.
Bankruptcy proceedings also affect other people’s financial status. A debtor’s creditors may not be satisfied with the new car or a fancy house that he just bought. The creditors can still collect on the debts that he or she has secured by collateral. In both types of bankruptcy, however, a debtor must take action within 45 days of the first creditors’ meeting to protect any property that is subject to a purchase money security interest.
If you are “judgment proof,” bankruptcy may not make sense for you
If you qualify for “judgment proof” status, bankruptcy may not make sense for you. This status protects certain forms of income, such as Social Security, from creditors. However, many consumers are unaware of the federal law that protects judgment-proof individuals.
This status can protect your home and other assets from garnishments. You need to make sure that you pay all taxes and social security benefits on time. Also, keep up with spousal and child support payments. You may not be judgment proof forever, so you should not flaunt your status or boast about it.
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 Divorce Lawyer, contact this law firm:
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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Springville, Utah
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Springville, Utah
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Main Street with the snowy Wasatch Mountains in the background
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| Nickname:
Art City
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Location in Utah County and the state of Utah
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| Coordinates: 40°9′46″N 111°36′15″WCoordinates: 40°9′46″N 111°36′15″W | |
| Country | United States |
| State | Utah |
| County | Utah |
| Settled | September 18, 1850 |
| Incorporated | April 4, 1853 |
| Named for | a local spring |
| Government
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| • Mayor | Matthew Packard |
| Area | |
| • Total | 14.39 sq mi (37.28 km2) |
| • Land | 14.34 sq mi (37.15 km2) |
| • Water | 0.05 sq mi (0.13 km2) |
| Elevation
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4,577 ft (1,395 m) |
| Population
(2020)
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| • Total | 35,268 |
| • Density | 2,459.41/sq mi (949.34/km2) |
| Time zone | UTC−7 (Mountain (MST)) |
| • Summer (DST) | UTC−6 (MDT) |
| ZIP code |
84663
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| Area code(s) | 385, 801 |
| FIPS code | 49-72280[2] |
| GNIS feature ID | 1446057[3] |
| Website | www |
Springville is a city in Utah County, Utah that is part of the Provo–Orem metropolitan area. The population was 35,268 in 2020, according to the United States Census.[4] Springville is a bedroom community for commuters who work in the Provo–Orem and Salt Lake City metropolitan areas. Other neighboring cities include Spanish Fork and Mapleton. Springville has the nickname of “Art City” or “Hobble Creek”.
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How long does it take to lose a house through bankruptcy proceedings?https://t.co/DxRVkK7Bzy pic.twitter.com/5FHgYOC5rd
— Jan Meriss Alfonso (@MerissJan) November 1, 2022
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