Chapter 7 Bankruptcy is the Most Commonly Filed
Chapter 7 bankruptcy, or liquidation bankruptcy, is what most people think of when they consider filing. At Rulon T. Burton, we have decades of experience helping people file for bankruptcy in Utah.
What is Chapter 7 Bankruptcy?
The Basic Concept of Chapter 7 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?
If you’re filing for bankruptcy, you probably have questions about what debts are discharged, and which ones are not. Unsecured debts such as medical bills, credit cards, and loans can be discharged in Chapter 7 bankruptcy. However, there are often exceptions. If you have unique or unusual debt, please meet with us to discuss your financial situation.
Common Debt Not Eligible for Discharge in Chapter 7 Filing
Chapter 7 bankruptcy, or liquidation bankruptcy, is what most people think of when they consider filing. At Rulon T. Burton, we have decades of experience helping people file for bankruptcy in Utah.
What Assets Do You Keep in Chapter 7 Bankruptcy?
Generally, you get to keep your basic necessary household goods when you file Chapter 7 bankruptcy.
What Assets Do You Lose in Chapter 7 Bankruptcy?
- Income tax refunds
- Luxury items (including luxury household goods)
- 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
- Vehicles
There are other exemptions (protections) that you can claim. To review those specifically, come in and we will discuss your specific situation with you.
The Benefits of Filing for Chapter 7 Bankruptcy
Let Rulon T. Burton Help - The Pros Often Outweigh the Cons
Some people are hesitant to file for bankruptcy because they’re afraid of how it will affect their credit score long term. Did you know there are immediate benefits to filing that are much better than the alternative of continuing to accrue debt?
Benefits of Filing Chapter 7 Bankruptcy with Rulon T. Burton
- Put an end to creditor harassment
- Prevent home foreclosure
- Stop collection lawsuits
- Prevent wage garnishment
Getting relief from debt collection efforts can be a huge relief for individuals facing overwhelming debt. Talk to the Utah bankruptcy experts at Rulon T. Burton today when you’re ready to get started.
Salt Lake City Chapter 7 Bankruptcy Attorneys You Can Trust
If You’re Overwhelmed With Debt, Turn to Experts to Help Navigate Chapter 7 Bankruptcy.
We know Utah families and individuals work hard to avoid Chapter 7 bankruptcy, but sometimes life events upset even the best of plans. 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?
Experience, Empathy, and Patience
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.
