If you grew up in Utah since the 1990s, you may have spent time in the Seven Peaks Water Park in Provo, where the array of water slides, pools and attractions brought tourists flocking for over two decades. When it first opened in 1989, the water park was one part of a resort, which also comprised the former Excelsior Hotel, the water park itself, and a golf course. In the mid-90s, the resort started to suffer financial difficulty, with the owners filing for Chapter 11 bankruptcy for the first time.
Over the past few years, there has been some upheaval at Seven Peaks Water Park, including changes in ownership and a pending lawsuit relating to these changes. Parkprovo LLC has now filed for Chapter 11 bankruptcy once more, with more details expected to be discussed during oral arguments on May 4.
It is not only businesses who face severe financial hardship and, when your debts have become insurmountable, and are causing you considerable amounts of stress and worry about your future, Chapter 13 bankruptcy may be a good way to regain control of your financial situation. Setting a budget, and sticking to it, can seem like a difficult task but, when you work with an empathetic and experienced Salt Lake City bankruptcy attorney, you can set a budget which is manageable and has the greatest chances of succeeding. While it may be tempting to be overly frugal in an attempt to repay your debt as quickly as possible, this can be unsustainable, leading to further financial woes.
Chapter 13 bankruptcy can be a suitable option for those who are currently experiencing problems with debt, but who also have a regular source of income. If you feel like you are just about managing your debt on your current income, but could easily be sent into a spiral by an unexpected expense, such as a large medical bill, for example, you may be a prime candidate for Chapter 13 bankruptcy.
Chapter 13 bankruptcy involves setting a debt repayment plan, where you will repay your debt over a period of between three and five years. Using a court-approved payment plan, Chapter 13 carries several advantages over Chapter 7 bankruptcy, one of which is the lack of risk to your property, as you are actually repaying your debt over time.
When you are facing bankruptcy, it is essential to seek expert legal advice relating to the most suitable option, as failing to comply with the terms of your bankruptcy could make your financial situation significantly worse.
Whether you have researched carefully and are certain you wish to file for Chapter 13 bankruptcy or know that you have a serious problem with your debt and need to find the most suitable solution, an expert Salt Lake City attorney can help you make the right decision.