What is Bankruptcy?

What is bankruptcy?

Profile photo for Min Austria
Min Austria
Assistant at Ascent Law LLC

Bankruptcy is a legal process that is designed to eliminate debt and protect assets. However, it requires effort and commitment. Bankruptcy can negatively affect your credit score and make it difficult to make payments. There are several types of bankruptcy, and some require ongoing payments or post-bankruptcy procedures.

Chapter 13 bankruptcy is designed to reduce debts owed on secured property. For example, if you have a mortgage on your house, you may file under chapter 13. However, if you don't make payments, your lender may recoup the balance and take your property. In some cases, bankruptcy is a good option for people who have a significant amount of unsecured debt or a lot of debt but can't pay it back.

Chapter 7 bankruptcy is a form of personal bankruptcy that can wipe out most of your unsecured debts. These include medical bills, payday loans, credit card debt, and past-due rent and utility bills. A Chapter 7 filing will allow you to keep some of your nonexempt assets. Some of these items may include second homes, family heirlooms, and cash.

Bankruptcy is a legal process that can help individuals and businesses get a fresh start after a financial crisis. This process is designed to protect debtors and give them a second chance.

If you have any questions or need a Bankruptcy Lawyer, please call this law firm for a free consultation.

Ascent Law LLC

8833 S Redwood Road Suite C

West Jordan UT 84088

(801) 676-5506

Utah Lawyer for Divorce Business Bankruptcy Probate Estates
Ascent Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you.
https://www.ascentlawfirm.com

Location: Salem, UT, USA

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