Do I have to list all my properties when I file for bankruptcy?
Bankruptcy refers to a legal proceeding entailing a business or a person who cannot meet the demand to repay their unsettled debts. Bankruptcies are viewed as negative details on a person’s credit report. This can affect a person’s credibility when it comes to future lending. A bankruptcy report on your filing can make creditors give you less favorable terms and higher interest rates if they decide to offer you a loan.
Can a Person Lose their Property if they File for a Bankruptcy?
According to chapter seven bankruptcy, a person may not necessarily lose their home, particularly if they possess less home equity and have a current mortgage. If a person is in foreclosure, behind their payment, or owns more equity than they can safeguard, they may have a better chance of keeping their property based on chapter 13 bankruptcy. Therefore, it is essential to be more knowledgeable about chapter seven and thirteen bankruptcy when it comes to keeping a home.
How Can You Protect Your Property?
A person protects their assets using a bankruptcy exemption. Since every state possesses a list of exemptions, the type of property and equity amount a person can safeguard using exemptions differs widely. Furthermore, only a few states allow a person to uphold their entire home equity when they file for bankruptcy.
How Can A Bankruptcy Lawyer Help?
If you intend to file for West Jordan bankruptcy, it is recommendable to seek help from bankruptcy attorney West Jordan Utah to assist you in the legal process. Due to the complex nature of bankruptcy laws, an attorney can make this process easier, quicker and increase the likelihood of getting the best-desired outcome.
Are you looking for legal help to file bankruptcy? At Alta Legal, our highly experienced and reputable bankruptcy attorney West Jordan offers the best legal aid to our clients. Contact us today for more information.