Bankruptcy Lawyer Delta Utah

bankruptcy attorney Delta Utah

The Pros and Cons of Filing Bankruptcy

There are pros and cons to filing for bankruptcy. The pros include the debt eradication it provides, which will help you reconsider your reckless spending habits and plan for a brighter future. Another benefit is that bill collectors cannot contact you for payment, which will reduce your stress. However, you must consider the time and effort it will take.

Chapter 7 bankruptcy is preferable to Chapter 13 bankruptcy

When filing for bankruptcy, there are some distinct advantages to Chapter 7 over Chapter 13. Chapter 7 will give you a fresh start, allowing you to discharge your debt and start over on a fresh financial footing. However, if you have too much debt to pay off in one year, you may be better off opting for Chapter 13 instead. You can get your assets back and catch up on missed mortgage payments this way. Chapter 13 is also more favorable for people who have fallen behind on their car or house payments, as this option will allow them to keep their property.

While filing for Chapter 7 will discharge most unsecured debt, it will not discharge all debts. Some of these debts are exempted from discharge, including mortgages, car loans, and student loans. In addition, Chapter 7 offers the chance to eliminate most of your debt upfront, but will require the sale of assets to pay off your creditors. In contrast, Chapter 13 allows you to repay your priority debts, such as credit card bills and medical bills, and you will remain protected from creditors.

Unsecured debts are not paid at all

Unsecured debts are debts that you cannot pay in full in bankruptcy. This can include things like medical bills and student loans. In bankruptcy, unsecured debts are treated differently than other types of debt. They are hard to discharge and you will most likely still owe them after your bankruptcy case.

The most common unsecured debt is credit card debt. This is because the lender cannot take back anything that is charged to the card. Other examples of unsecured debt include unpaid gym memberships and child support arrearages. Generally, the first step in bankruptcy is to separate secured debt from unsecured debt. The next step involves dividing unsecured debt into general and priority unsecured debt.

Credit is not damaged

Although filing for bankruptcy can harm your credit in the short term, the long-term impact on your credit score is usually negligible. After ten years, the bankruptcy will be erased from your credit report. The key is to practice good financial habits and rebuild your credit score. With the right approach, bankruptcy can actually help your credit score and get you back on track.

You can rebuild your credit score, but it won’t happen overnight. It will take some time, and you will have to maintain good credit habits. In the meantime, make sure your bankruptcy debts are marked as “included in bankruptcy” or “discharged.” Once you’ve rebuilt your credit, check your credit report for errors, and make sure any negative marks are removed on time.

Tax debt is not easily discharged

Filing for bankruptcy can be a good way to get rid of your tax debt, but it requires patience. You must wait three years before filing, and you must be aware of all of your records with the IRS. If you have any doubts, request transcripts from the IRS. They can help you determine the timing of when you owe money.

Generally, tax debts are dischargeable in bankruptcy, but there are a few exceptions. If the tax debt is older than three years, it may be discharged, although tax debts that are tied to a lien may be more difficult to discharge. If you file for Chapter 13 bankruptcy, your tax debt will be settled over a three to the five-year repayment period.

If you have any questions, you can get a free consultation with the Best Attorneys in Utah.

Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506


When you need a Bankruptcy Lawyer, contact this law firm:

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506
Ascent Law LLC

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Delta, Utah

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Delta, Utah
Delta town02.jpg
Location in Millard County and the state of Utah.

Location in Millard County and the state of Utah.
Coordinates: 39°21′11″N 112°34′25″WCoordinates39°21′11″N 112°34′25″W
Country United States
State Utah
County Millard
Settled 1906
Named for Delta of the Sevier River

 • Total 8.72 sq mi (22.59 km2)
 • Land 8.60 sq mi (22.28 km2)
 • Water 0.12 sq mi (0.31 km2)

4,639 ft (1,414 m)

 • Total 3,622
 • Estimate 

 • Density 418.69/sq mi (161.67/km2)
Time zone UTC-7 (Mountain (MST))
 • Summer (DST) UTC-6 (MDT)
ZIP code
Area code 435
FIPS code 49-18910[4]
GNIS feature ID 1427334[2]

Delta is the largest city in Millard CountyUtah, United States. It is located in the northeastern area of Millard County along the Sevier River and is surrounded by farmland. The population was 3,436 at the 2010 census.

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