Representing Individuals and Businesses in Chapter 7 Bankruptcy Proceedings in Utah
Bankruptcy can provide financial relief from overwhelming personal and business debts. The most common type of bankruptcy case filed is under Chapter 7 of the United States Bankruptcy Code. While Chapter 7 bankruptcy is not right for everyone, it benefits hundreds of thousands of households and small business owners on an annual basis.
While the end result of Chapter 7 can leave you with a nearly clean financial slate, the process is not simple. Chapter 7 bankruptcy requires a significant amount of paperwork and other requirements before the court will approve the discharge of your debts. It is essential to have a skilled bankruptcy attorney evaluate whether Chapter 7 is right for you and guide you through the process.
If you are considering Chapter 7 bankruptcy as a debt relief option, please call JLT Law in Salt Lake City for help.
Is Chapter 7 Your Best Option?
Chapter 7 is not your only bankruptcy option under the law, so the first step in any case is to ensure that Chapter 7 is the right type of bankruptcy for you. Whether you are a business owner or have personal debts you cannot afford, there are factors to consider, including:
- Will you pass the means test and qualify for Chapter 7 based on your income and expenses?
- What is the nature of your property or assets?
- As a business owner, do you wish to continue operations or close your doors?
- What types of debt do you have?
At JLT Law, we will ask many questions about your individual situation to determine the best course of action for you.
Discharging Your Debts Under Chapter 7
The end goal of a Chapter 7 bankruptcy case is the discharge of all of your qualifying debts. The following are examples of debts that may be discharged in this type of case:
- Credit card balances
- Medical bills
- Most legal judgments
- Certain tax debts
- Unpaid rent
- Unpaid utilities
- Collection accounts
- Personal loans
- Benefit overpayments
- Other revolving accounts
While not all of your debts can be discharged, your Chapter 7 discharge can free up money so that you can afford to catch up on payments on your mortgage, auto loans, student loans, and other non-dischargeable debts.
Protecting Your Property
Before the Bankruptcy Court will discharge the above debts, a bankruptcy trustee will seize eligible property and assets from you to liquidate and pay your creditors. It is important to address the possibility of such liquidation prior to filing and your attorney can help you in the following ways:
- Apply any exemptions to protect certain types of property
- Advise you of property that may be vulnerable so you can make an educated decision
- Advise if you will be deemed a “No Asset” case, which commonly occurs
Putting the maximum protections in place for your property will help you emerge from your bankruptcy case in the best position possible.
Discuss Your Options with a Utah Chapter 7 Bankruptcy Lawyer Today
At the office of JLT Law, we regularly assist households, individuals, and small business owners through every step of the Chapter 7 bankruptcy process. Even if you decide that another type of bankruptcy is preferable, we can assist you with all aspects of your case.
Your positive financial future is our number one goal, so please call our Salt Lake City Chapter 7 attorney today at 801-596-9400 for a free consultation.