Looking for a Chapter 7 bankruptcy attorney. Based in Salt Lake City, the law firm of Ryan E. Simpson assists clients throughout Utah’s West Jordan area with every aspect of Chapter 7 bankruptcy, from filing initial documents to rebuilding credit. If you have fallen on hard times and are considering bankruptcy, rather than feeling ashamed or hopeless, be proactive and confront your debt situation. Contact our bankruptcy attorney for a free initial consultation.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy basically allows individuals to sell off assets in order to pay creditors. When you file for bankruptcy, creditors must stop trying to collect on debts, and the bankruptcy court will step in and determine how your debts will be repaid, sometimes eliminating or canceling debts. Chapter 7 bankruptcy may be a practical solution in situations involving:
• A foreclosure sale of your home
• A vehicle repossession
• Lawsuits from creditors
• Lost income because of wage garnishment
• Constant harassment by creditor phone calls
Chapter 7 Procedure
Once you determine that Chapter 7 bankruptcy is the right decision for you, Bankruptcy Solutions helps you properly prepare and file a petition with the bankruptcy court. As soon as the filing is made, an “automatic stay” goes into effect, and your creditors must stop attempting to collect from you. Next, we attend a meeting with a court-appointed trustee and any of your creditors who choose to attend. Last, the court determines how your debts will be resolved, including which property will be sold and which debts will be discharged.
After all is said and done, we can help you start rebuilding your credit and address any lingering financial issues. You should consider a Utah bankruptcy attorney like Ryan E. Simpson. Learn more at http://markalexander.over-blog.com
A Chapter 7 bankruptcy discharges most unsecured debt such as credit card bills, medical bills, and loans not backed by collateral, allowing you to obtain a fresh start. However, Chapter 7 bankruptcy will only discharge debts you incurred before filing.
Many people fear to file for Chapter 7 bankruptcy because they believe they will have to sell their home, car, or other property. While it is true that you may have to sell some nonexempt property, a range of property is exempt in Utah. Exempt property generally includes most daily necessities, household items, family heirlooms, benefits under most insurance policies, and items you need for your trade or profession.
Just as every asset is not subject to liquidation, not every debt is subject to discharge. This means that even after you go through a Chapter 7 proceeding, you may still remain responsible for certain debts. These include but are not limited to:
• Child support
• Alimony (spousal support)
• Certain student loans
• Some tax debts
• Fines, penalties, or restitution owed to the federal government
Also, debts not included in your filing paperwork cannot be discharged. If you fail to include creditors in your bankruptcy, they may still be able to pursue you for the debt after your bankruptcy is complete. Therefore, it is in your best interest to be forthright about all your debts. We can help you make sure that you do not miss anything so that you are in the best financial situation possible coming out of bankruptcy. This is why you need a bankruptcy attorney.
If you have a lot of non-dischargeable debts, Chapter 13 bankruptcy may be a more appropriate option to pursue than Chapter 7. Please see our page describing bankruptcy for more information on procedures and requirements. Bankruptcy Solutions can help you decide which type of bankruptcy best fits your situation.