Chapter 7 Bankruptcy
Chapter 7 is what most people think of when they think of bankruptcy.
In a chapter 7 proceeding, the person or couple that files is seeking to discharge, or get rid of, as much debt as possible.
A trustee is appointed to “administer the assets of the estate,” which means they sell possessions or assets to raise money to pay creditors and eliminate debt.
What debts are eligible for discharge in a chapter 7?
Generally, any debt that is not fraudulent, a domestic support obligation, education-related, new taxes or business taxes, personal injury if you were drunk, or willfully or maliciously incurred is eligible for discharge in a chapter 7. Most medical bills, credit cards, and loans can be discharged in a chapter 7. Since there are always exceptions, if you have an unusual debt, we would need to meet with you to discuss your situation.
What assets might I lose in a chapter 7?
Generally, you get to keep your basic necessary household goods in a chapter 7. Common items that a trustee can take include: income tax refunds, luxury items (including luxury household goods), the money that is in your bank account on the date that you file, accounts receivable (if you are self-employed), non-business related tools, business related tools over the protected amount, and your vehicles, if there is equity over the protected amount. There are other exemptions (protections) that you can claim. To review those specifically, come in and we will discuss your specific situation with you.
Utah Chapter 7 bankruptcy lawyers you can trust
Utah families and individuals work hard to avoid chapter 7 bankruptcy, but sometimes life events get in the way. That is where a qualified team of chapter 7 bankruptcy lawyers can help. We have the experience and skills needed to help you during this difficult time.
What makes a good Chapter 7 lawyer?
A good bankruptcy lawyer must have experience, knowledge and a willingness to listen. Our team of legal professionals has been serving Utah families since 1981 with chapter 7 bankruptcy situations. We know and respect the families that have gone through the process. We know how to make it as pain-free as possible. Call us today and get the help you’ll need during a frustrating time in your life. We’ll help you through it. With our help, it can be easier than you think.