Chapter 7 bankruptcy, also referred to as “straight bankruptcy,” will wipe out common unsecured debts such as personal loans, credit cards, medical bills, and dental bills. Before the process is started, you will be asked to provide a list of all of your known creditors, along with the balance that you owe. It should be noted that Chapter 7 bankruptcy will not discharge secured debt, such as past-due mortgage payments or car loans. Chapter 7 bankruptcy will also not discharge student loan debt, alimony payments, child support, or taxes. [more]
Chapter 12 bankruptcy is essentially a debt reorganization plan designed to help people categorized as “family fishermen” or “family farmers.” Much like Chapter 13 bankruptcies, Chapter 12 bankruptcies require filers to establish a court-approved repayment plan that is typically spread over a 3 to 5 year timeframe. However, unlike Chapter 13 bankruptcies, Chapter 12 bankruptcies have a higher debt ceiling, since individuals who work in the farming or fishing industries can incur much more debt in a short amount of time than the typical wage earner. [more]
Chapter 13 bankruptcy, also referred to as a “court ordered debt consolidation,” involves grouping all of your debts together, allowing you to make a single monthly payment. The repayment plan is completely based around your living expenses, monthly income, and debt total, and typically spans 3 to 5 years. Unlike Chapter 7 bankruptcy filings, Chapter 13 filings do work for student loan debts and tax debts. However, to be eligible for a Chapter 13 filing, you have to have a regular income and your debts can’t exceed a certain amount. Also, it should be noted that Chapter 13 bankruptcies stay on your credit report for 10 years. [more]
Unpaid medical bills are the number one cause of bankruptcy filings, with around 40% of Americans owing money to hospitals and clinics for times when they were sick. Although medical expenses aren’t tied to any form of collateral, insurance companies can still garnish your wages or claim a part of the equity you have in your home. At the law offices of Douglas L. Barrett, we handle medical bankruptcy cases with the utmost care and consideration—you have already been through enough. [more]
We also handle small business bankruptcy cases. Each and every business is different, which is why it is important to sit down with a legal counselor to discuss your options. We have worked with hundreds of business owners to help them discharge debts, reorganize their past-due balances, and protect the future of their companies.
We believe that your legal needs are of the utmost importance and you deserve the care and diligence necessary to successfully accomplish your goals. Contact us today, and speak with an experienced bankruptcy lawyer in Orem, Utah. Feel free to read through our most current client reviews, located here. [more]
We understand that being insolvent can be stressful and intimidating, which is why we offer free consultations for new clients. During this consultation, we will talk with you about the debts that you owe, so that we can determine whether or not bankruptcy is a viable option.
Set up a FREE consultation to see what sets Douglas Barrett and his firm apart as the bankruptcy firm in Utah County. Find out why everyone calls him “The Bankruptcy Guy”. Discover how he helps people just like you understand their choices when it comes to obtaining a fresh financial start.
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