Provo Bankruptcy Attorneys

Hendricks and Larsen has been serving the good people of Utah County for years.  We are eager to earn your case.  We understand that life can throw some unforeseen circumstances at families.  Come and meet with us for Free and we will show you why we are the right choice when it comes to choosing a Provo Bankruptcy Attorney.

What is Bankruptcy?

Bankruptcy is way for you to protect yourself and your family. Chapter 7 deals with liquidation, while Chapter 13 deals with reorganization. If you have questions concerning bankruptcy, you should seek the advice of a licensed bankruptcy attorney.  We have been helping families in provo and utah county for years.  We are well respected in the attorney and legal community.

Types of Bankruptcy

Chapter 7 bankruptcy is when the court appoints a Trustee who may liquidate or sell some things that you own to pay your creditors. Most of your debt will be canceled, but you may choose to pay some creditors, usually to keep a car or home in which the creditor has a lien. There are some restrictions so you’ll need to talk to us directly to see if you qualify.

Chatper 7  Liquidation ( i.e., the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.)

Chapter 13 bankruptcy is when your debt is reorganized into a single monthly payment. The payment will continue for 36 to 60 months. In no case may a plan provide for payments over a period longer than five years. You do not have to repay all of your debt. You pay only as much as you can afford, but the minimum payment may be affected by property you want to keep. When you complete the payments, debt not paid is discharged.  We can help you with all of the details!

Advantages of bankruptcy:

• One of the most important advantages of filing for bankruptcy is that debtors may obtain a fresh financial start.
• If you are eligible for Chapter 7 you may be forgiven (discharged from) most unsecured debts. A secured debt is one which the creditor is entitled to collect by seizing and selling certain assets of the debtor if payments are missed, such as a home mortgage or car loan.
• You may be able to keep (that is, exempt) many of your assets, although state laws vary widely in defining which assets you may keep.
• Collection efforts must stop as soon as you file for bankruptcy under Chapter 7 or Chapter 13.
• You cannot be fired from your job solely because you filed for bankruptcy.

Does Bankruptcy Eliminate Debt?

Filing bankruptcy does not necessarily eliminate all debts, and often simply restructures existing debts – this leaves you responsible for all future payments. Filing bankruptcy also stays with you for up to 10 years and you may have difficulty getting any type of loan. Bankruptcy is public record and will be reflected on your credit report but not permanently. Speak to one of our credit counseling experts if you need assistance.

Is Bankruptcy the Best Solution?

Anyone who is considering bankruptcy needs to fully understand the process and the laws surrounding bankruptcy. Questions about bankruptcy should be addressed by a licensed bankruptcy attorney.  That’s where we come into the picture.  We can help make this process as painless as possible.  You will work directly with an attorney, not a paralegal.  We are quick to respond and can help answer all of your questions!