West Jordan, Utah (June 21, 2012) Bankruptcy lawyers at Lewis Adams Associates is shedding light on some of the most common questions regarding Chapter 13 bankruptcy proceedings. They are also offering a free initial consultation so that Utah residents can decide on what avenue to pursue should they need to file for insolvency.
People need to know their options in terms of filing for bankruptcy. A Salt Lake City bankruptcy attorney can offer invaluable advice as well as dispel common misconceptions about the entire procedure. Only after getting legal advice should a client make a decision on whether to file for Chapter 13 or Chapter 7 bankruptcy.
Chapter 13 (also known as the Wage Earners Plan) is a repayment program for debtors who have enough working funds and a source of income to pay off their debts and continue to hold possession of their assets. This is different from a Chapter 7 bankruptcy, where the assets of the debtor are liquidated to pay off the debts.
It is advisable to engage the services of a Utah bankruptcy lawyer to help the debtor
negotiate for a viable repayment plan and learn about the legal nuances of Chapter 13 bankruptcy process. As the circumstances of people that file for Chapter 13 vary, repayment plans must consider a host of factors so that while the debt is being paid off, the financial status of the debtor is not put into jeopardy.
Lewis P. Adams is a Salt Lake City bankruptcy attorney offering legal assistance to families as well as businesses in Utah. His practice is one of the trusted financial law firms that handle various types of Utah bankruptcy proceedings. The companys dedicated staff look for ways for people to be able to pay off their debts and begin a life of financial stability.
About Lewis Adams Associates
Lewis Adams Associates offers legal advice for clients in handling their debts and other financial liabilities. The companys focuses on consumer Chapter 7 or 13 litigations, and have working relationships with credit counselors and other professionals to help people get their finances back in shape. For a free consultation, call (801) 676-1950.