Personal Bankruptcy Lawyer Near Provo UT
Ascent Law LLC (801) 676-5506 Free Consultation
What is the Difference Between Bankruptcy and a Debt Relief Order?
First, bankruptcy is different from debt relief orders. A debt relief order is a legal document that helps you manage your debt without declaring bankruptcy. It may include a Chapter 7 discharge, Chapter 11 reaffirmation, or Chapter 13 reorganization. But keep in mind that neither bankruptcy or debt relief order wipe out all of your debt.
Chapter 7 discharge is a debt relief order
A Chapter 7 discharge is a debt relief order that can be granted once every eight years. However, there are special rules that apply if you previously had a discharge in a chapter 13 case. Once you have received a discharge, you can no longer be required to pay that debt, and you do not have to sign a reaffirmation agreement. However, secured creditors can still take your property if you do not make your payments.
A Chapter 7 discharge is best for eliminating unsecured debts. While secured debts are still enforceable, it is rare for a creditor to take them. However, filing for Chapter 7 can be a complex process, and filing for bankruptcy without legal counsel can lead to mistakes. Legal services corporations offer free legal help to bankruptcy filers, which can help them avoid mistakes and maximize their chances of getting a discharge.
Chapter 11 reaffirmation is a debt relief order
A Chapter 11 reaffirmation is essentially a debt relief order that allows debtors to reaffirm their debt and continue operations. In addition to insuring debtors to meet their obligations, the order protects creditors from excessive delays. A chapter 11 case can take years to complete. During this time, creditors can file competing plans to delay the case.
A chapter 11 reaffirmation is different from a chapter 13 discharge. An individual debtor’s property includes their earnings and any property acquired after filing for bankruptcy. The plan can include future earnings and may be funded with the debtor’s disposable income. However, a plan can’t be confirmed over a creditor’s objection without committing all the debtor’s disposable income over five years. The plan must also pay off the creditor’s claim with interest over a shorter period of time.
Chapter 13 reorganization is a debt relief order
The Chapter 13 reorganization process begins when a debtor files for bankruptcy and asks for an order that will allow him or her to make monthly payments to their creditors for a period of three to five years. This order will automatically halt collection activity. Once a judge approves the plan, creditors must abide by it. After the plan is approved, the debtor will start making payments and receive an Order of Discharge.
A Chapter 13 reorganization is a type of bankruptcy that is used to address consumer debt. This includes medical bills and credit card debt. A Chapter 13 order will discharge most of these debts, but it does not cover all types. For example, certain long-term debts such as alimony and child support will not be discharged. Some government-backed educational loans will also not be discharged. Another type of debt that is not discharged under the Chapter 13 process is debt resulting from drunk driving under the influence.
If you have any questions, you can get a free consultation with Ascent Law LLC:
Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506
https://g.page/ascentlaw?share
https://www.ascentlawfirm.com/bankruptcy-lawyer/
When you need a Divorce Lawyer, contact this law firm:
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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Provo, Utah
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Provo, Utah
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|---|---|
| City of Provo | |
Downtown Provo
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| Motto:
“Welcome Home”
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Location within Utah County
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 Provo
Location within Utah
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| Coordinates: 40°14′40″N 111°39′39″WCoordinates: 40°14′40″N 111°39′39″W | |
| Country |  United States |
| State |  Utah |
| County | Utah |
| Founded | 1849 |
| Incorporated | April 1850 |
| Named for | Étienne Provost[1] |
| Government
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| • Type | Strong mayor |
| • Mayor | Michelle Kaufusi (R) |
| • Council Chair | David Harding |
| Area | |
| • City | 44.19 sq mi (114.44 km2) |
| • Land | 41.69 sq mi (107.97 km2) |
| • Water | 2.50 sq mi (6.47 km2) |
| Elevation
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4,551 ft (1,387 m) |
| Population | |
| • City | 115,162 |
| • Density | 2,762.34/sq mi (1,066.61/km2) |
| • Metro
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620,000 |
| Time zone | UTC−7 (Mountain (MST)) |
| • Summer (DST) | UTC−6 (MDT) |
| ZIP Codes |
84601-84606
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| Area codes | 385, 801 |
| FIPS code | 49-62470[5] |
| GNIS ID | 1444661[6] |
| Website | www |
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Provo (/ˈproʊvoʊ/ PROH-voh) is the fourth-largest city in Utah, United States. It is 43 miles (69 km) south of Salt Lake City along the Wasatch Front. Provo is the largest city and county seat of Utah County and is home to Brigham Young University (BYU).[7]
Provo lies between the cities of Orem to the north and Springville to the south. With a population at the 2020 census of 115,162.[3] Provo is the principal city in the Provo-Orem metropolitan area, which had a population of 526,810 at the 2010 census.[8] It is Utah’s second-largest metropolitan area after Salt Lake City.
Provo is the home to Brigham Young University, a private higher education institution operated by The Church of Jesus Christ of Latter-day Saints (LDS Church). Provo also has the LDS Church’s largest Missionary Training Center (MTC). The city is a focus area for technology development in Utah, with several billion-dollar startups.[9] The city’s Peaks Ice Arena was a venue for the Salt Lake City Winter Olympics in 2002. Sundance Resort is 13 miles (21 km) northeast, up Provo Canyon.
In 2015, Forbes cited Provo among the “Best Small And Medium-Size Cities For Jobs,”[10] and the Bureau of Labor Statistics found Utah County had the year’s highest job growth.[11] In 2013, Forbes ranked Provo the No. 2 city on its list of Best Places for Business and Careers.[12] Provo was ranked first for community optimism (2012)[13] and first in health/well-being (2014).[14]
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What is the difference between bankruptcy and a debt relief order?https://t.co/eRXfZUs20g pic.twitter.com/podouNa3Oo
— Jan Meriss Alfonso (@MerissJan) October 28, 2022
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