As a matter of fact, land laws and constitution in most cases are actively and directly related to borrowing and lending. This is evident in that there are so many enactments, regulations, rules, conditions and terms that are used to regulate or govern these activities and transactions. The main reason is in order to reduce or eliminate some unfair methods of reclaiming lent money. Some of these methods used include foreclosure and auction. They may be undertaken in the case where the borrower has defaulted repayment due to various reasons. Therefore, if you do not want to experience such a scenario, you need to seek refuge from chapter 13 bankruptcy Utah.
This part is basically used by debtors who are not willing to lose their assets. In fact, it is used to secure assets like home, car, an apartment in the case where the value of the assets they own is more as compared to bankruptcy exemptions. Again, it allows the debtors to make their overdue payments within a specified time so that the original agreement can be reinstated.
If you have assets or properties that are valuable nonexempt and you do not want to lose them, you will have to seek support from this chapter. In this case, the debtor normally proposes a payment plan of around three to five years period to his creditors.
Also, you will have to rely on the current or future income as the major source of repayment finances source. Therefore, the chapter will cover and protect your assets from activities such as foreclosure, interest accrual, mortgage payment and pay back taxes as well as other financial misfortunes.
In a situation where the debtor agrees to the plan, all other debts are released once the time given to settle the debt is over. The monthly or regular amount that you have to make is determined by the amount of money you make each month. They also consider where the money will be coming from.
This chapter is referred to as debt consolidation law because as a debtor you will be allowed to keep all, your assets as long as you will continue making regular payments on the money or loan that is secured by the assets. In most cases, people who have valuable assets like apartments or homes will prefer making their financial transactions and activities under the chapter more so if the assets are not under any exemption.
However, those people without a regular source of income will not benefit from the plan because it is one of the major requirements. The plan requires a court hearing before it is executed. The court is responsible for disapproving or approving the plan. It will be confirmed after being assessed and found that bankruptcy requirements are met.
Some of the merits that come with this plan are that the debt will not be paid as a result of debtor assets sale. This chapter is also responsible for stopping any foreclosure. This allows the debtor to pay the arrears through the plan. It is also possible to convert it to other beneficial chapters like seven if need be or according to the circumstances.
This part is basically used by debtors who are not willing to lose their assets. In fact, it is used to secure assets like home, car, an apartment in the case where the value of the assets they own is more as compared to bankruptcy exemptions. Again, it allows the debtors to make their overdue payments within a specified time so that the original agreement can be reinstated.
If you have assets or properties that are valuable nonexempt and you do not want to lose them, you will have to seek support from this chapter. In this case, the debtor normally proposes a payment plan of around three to five years period to his creditors.
Also, you will have to rely on the current or future income as the major source of repayment finances source. Therefore, the chapter will cover and protect your assets from activities such as foreclosure, interest accrual, mortgage payment and pay back taxes as well as other financial misfortunes.
In a situation where the debtor agrees to the plan, all other debts are released once the time given to settle the debt is over. The monthly or regular amount that you have to make is determined by the amount of money you make each month. They also consider where the money will be coming from.
This chapter is referred to as debt consolidation law because as a debtor you will be allowed to keep all, your assets as long as you will continue making regular payments on the money or loan that is secured by the assets. In most cases, people who have valuable assets like apartments or homes will prefer making their financial transactions and activities under the chapter more so if the assets are not under any exemption.
However, those people without a regular source of income will not benefit from the plan because it is one of the major requirements. The plan requires a court hearing before it is executed. The court is responsible for disapproving or approving the plan. It will be confirmed after being assessed and found that bankruptcy requirements are met.
Some of the merits that come with this plan are that the debt will not be paid as a result of debtor assets sale. This chapter is also responsible for stopping any foreclosure. This allows the debtor to pay the arrears through the plan. It is also possible to convert it to other beneficial chapters like seven if need be or according to the circumstances.
About the Author:
You can get a list of important factors to consider before choosing a Chapter 13 bankruptcy Utah lawyer at http://www.bankruptcyutah.com/about right now.