Debt can happen to even the most responsible people. Countless people throughout Utah require a loan to purchase a home or car. But it only takes one major financial setback to place anyone in debt. When a lender loans you money and you owe payments in return, you are in a relationship with the lender. While each party is looking out for his or her own interests, there is give and take as in any relationship.
Why would a lender be willing to negotiate the debt you owe?
The first step to regaining your financial independence is to seek representation from an experienced Salt Lake City creditor negotiations attorney. A lender’s knowledge that an attorney is involved generally makes them more willing to negotiate. They may think that you are an unsophisticated consumer they can take advantage of. But they are less likely to take a bargaining position unfair to you if a knowledgeable lawyer is negotiating for you. They also know that the attorney can counsel you on bankruptcy if negotiation is unsuccessful.
Having an experienced Salt Lake City creditor negotiations attorney on your side can be an invaluable asset. The possibilities include reducing the principal balance, agreeing to a payment plan, adjusting payments or lowering the interest rates.
Negotiation of your debts is different from debt consolidation. Debt consolidation requires cooperation of all of your creditors, a difficult if not impossible task. Rather, you begin negotiating with the lender holding your largest debt. Incrementally you improve your position as you move through your creditors.
Schedule Your Free Initial Consultation with a Salt Lake City Creditor Negotiations Attorney
Whether you are visiting for an initial consultation or require legal counsel in the courtroom, the legal team at the offices of Justin M. Myers Attorney At Law, LLC will always be in your corner. As an experienced Salt Lake City bankruptcy attorney, Justin M. Myers handles all cases personally. He utilizes an aggressive and comprehensive approach to help place clients in the best position to succeed.
Along with a bankruptcy petition and supporting documentation, people filing for Chapter 13 bankruptcy will also need to include a preliminary repayment plan which is usually developed during credit counseling. After the creditors meeting you will attend a meeting to confirm your repayment plan. Once your repayment plan has been successfully completed, you will receive a discharge of your debts.
A The means test measures your disposable income against that of other Utah citizens and ensures that your application for bankruptcy is not an abuse of the system.
After the creditors meeting has been completed, the trustee will identify your exempt property and your nonexempt property. Your nonexempt property may be sold at auction and the funds used to repay your creditors. If your trustee decides that none of your property can be sold, you would lose nothing.
After the funds, if any, have been distributed to your creditors, you will receive a discharge and will no longer have any personal responsibility for those debts.
Contact our office today to discuss your bankruptcy questions. We are available during regular business hours and by appointment evenings and weekends. You can reach us by phone at 801-505-9679 or via e-mail.