Find a Bankruptcy Lawyer in Cedar City, Utah

Find the right Bankruptcy attorney in Cedar City, UT

In Cedar City, Utah, bankruptcy is a judicial process in which the debts of a person or business can be excused or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is often more economically feasible than requiring the debtor to pay off everything they owe. Bankruptcy should be treated as an option of last resort, and should not be viewed as a proper way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to get loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).

Therefore, it is a good idea to talk with an seasoned bankruptcy lawyer in Cedar City, Utah. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each particular case, the counsel of a Cedar City bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Cedar City, Utah

There are three basic bankruptcy schemes that are most commonly used in Cedar City: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the process for filing for bankruptcy in Cedar City, Utah will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the funds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the qualifying property is sold, and the proceeds directed to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will normally be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

Under Chapter 13 bankruptcy in Cedar City, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a prolonged period of time, thus theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Chapter 11 bankruptcy is almost always used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, fix their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.

A major advantage of Chapter 11 bankruptcy is that businesses can continue their operating while going through the process. Also, they can continue to buy and sell their stock.

How Can a Cedar City Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Cedar City is a huge decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Cedar City bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Cedar City

Cedar City, Utah is a community of about 28,000 people located in Iron County.

Rock art dating from the years 1000 to 1300 AD has been found around Cedar City, indicating that humans have lived in the era since prehistory. The first Americans of European descent to settle the area were a group of Mormon pioneers, who arrived in 1851. For a brief period after this initial settlement, an ironworks operated in Cedar City, but closed in 1858. However, iron mining remained an important industry in Cedar City well into the late 20th Century.

In 1923, a railroad connection to the city was completed, allowing Cedar City, Utah to serve as a gateway for tourists visiting the area's several national parks, such as Zion National Park, Grand Canyon National Park, and Bryce Canyon National Park. This lead to rapid growth of the city, because, during that time, Americans were beginning to see the value of preserving wilderness, and the number of visitors to national parks was skyrocketing.

Cedar City, Utah remains a major hub for visitors to these national parks, and other nearby points of interest, to this day.

Cedar City, Utah lawyers are well-equipped to handle a wide variety of legal problems that an ordinary person is likely to face. However, you shouldn't take that to indicate that any case is too big for the lawyers of Cedar City, Utah, either.

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