Individual Bankruptcy Lawyer
Dedicated Utah Bankruptcy Lawyer Helping Individuals in Need
Simply thinking about filing for bankruptcy triggers an array of emotions and concerns. However, bankruptcy is often the quickest, most affordable and straightforward way to get debt relief. In most bankruptcy proceedings, you will receive protection from wage garnishment, foreclosure, creditor harassment, repossessions and utility shutoffs. There is much to consider and discuss with your family before choosing bankruptcy, so it’s important to discuss your circumstances with a qualified Utah bankruptcy attorney first before making any decisions.
Chapter 7 Bankruptcy
Often referred to as liquidation or “straight” bankruptcy, filing for Chapter 7 bankruptcy allows individuals to turn over non-exempt property and dispose of debt. Creditors must also cease any and all practices intended to harass and intimidate debtors as soon as a Chapter 7 case is filed with the court. During this process, you may still maintain ownership of any property that is exempt or has little monetary value. Federal bankruptcy laws allow individuals to receive a discharge of most unsecured debt, including outstanding credit card balances, medical bills and a variety of business-related debts. It is important to keep in mind, however, that some debts are non-dischargeable.
Chapter 11 Bankruptcy
Filing a Chapter 11 bankruptcy case as an individual is much like one for a corporation. A petition and schedules are filed with the court and creditors are required to end all collection practices against you immediately. You and your bankruptcy attorney must then meet with a representative of The United States Trustee to review the rules by which you are bound during the length of the Chapter 11 proceeding. Among other things, these guidelines often require that you maintain insurance on any properties, open new bank accounts, and file monthly reports displaying all income and expenses.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy covers nearly every form of debt, from outstanding credit card balances to medical bills and personal loans. During Chapter 13 bankruptcy proceedings, your debts are organized into a single repayment plan, and any payments made are applied in a manner determined in the Chapter 13 plan. Assuming you adhere to the plan for three to five years without suffering any setbacks or complications, your remaining unsecured debts will be discharged upon completion of your repayment plan.