Chapter 7 Bankruptcy Attorney in Salt Lake City

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.

Chapter 7 Bankruptcy - Utah

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 at (801) 896-9444 in Salt Lake City for help. You may also contact us via online form.

How to File for Chapter 7 Bankruptcy in Utah 

Filing for Chapter 7 bankruptcy involves the debtor surrendering their non-exempt assets, which are then liquidated and used to pay off creditors. 

In Utah, the process is largely similar to most other states, and there are some important considerations to make sure everything goes smoothly:

1. You must complete credit counseling within 180 days before filing for Chapter 7 bankruptcy. This requirement can be completed online or in-person with an approved credit counseling service.
2. You must determine if you qualify for Chapter 7 bankruptcy. In Utah, this means looking at your income and debt in relation to the median income level for a household of your size. If you meet certain requirements – such as having less than $1,500 in unsecured debts and no more than $7,000 in secured debts – then you are able to file for Chapter 7 bankruptcy.
3. Next, you must complete the necessary paperwork. This includes filing a petition with the bankruptcy court in Utah, listing all of your assets and debts, and providing proof of income for the last several months. The process can be complicated, so it is important to have an experienced attorney help guide you through the steps.
4. After you have filed the paperwork, a trustee will be appointed to your case. This person will review your assets and debts and determine which ones are eligible for discharge. Once this is complete, the court may order creditors to stop any attempts to collect on discharged debt.

With the right preparation and guidance, filing for Chapter 7 bankruptcy in Utah can provide financial relief from overwhelming debt. Following these steps carefully can ensure that the process is as smooth and painless as possible.

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:

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 Debt Relief Options with a Utah Chapter 7 Bankruptcy Lawyer 

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) 896-9444 for a free consultation.