Salt Lake City Chapter 7 Bankruptcy
Chapter 7 in Salt Lake City, UT
Under the Federal Bankruptcy Code, there are several types of bankruptcy. The most common form of bankruptcy is Chapter 7 bankruptcy, which is generally the simplest and quickest form of bankruptcy. Chapter 7 bankruptcy is available to individuals, married couples, corporations, and partnerships.
Chapter 7 bankruptcy is often the choice for personal bankruptcy. It cancels debts and is also called liquidation bankruptcy or straight bankruptcy. Under Chapter 7 bankruptcy, a trustee appointed by the bankruptcy court may sell off or liquidate some of the property or assets of a debtor for the benefit of creditors.
Most Chapter 7 in Salt Lake City entails no-asset cases in which the filing party has no non-exempt property for the trustee to sell. There are strict income requirements to be eligible to file for Chapter 7 bankruptcy in Salt Lake City. If the income of the debtor is too high, the debtor will need to file under Chapter 13 instead of Chapter 7.
Chapter 7 bankruptcy in Salt Lake City
Chapter 7 bankruptcy is often the choice of debtors, because it wipes out many of the debts of a debtor and leaves the debtor with a relatively clean financial slate. Under Chapter 7 in Salt Lake City, your nonexempt assets may be liquidated and sold off to pay your creditors. Some debts that may still remain and are required to be paid include the following::
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You must obtain approved credit counseling before you can file bankruptcy and file any overdue tax returns within weeks of filing a Chapter 7 bankruptcy.
After the bankruptcy is filed, you are required to appear at the first meeting of creditors which is also called a 341 meeting. At this meeting, the trustee can ask you questions about your property and debts.
The wise choice
A lawyer skilled in Chapter 7 bankruptcy in Salt Lake City, UT is your wisest choice if you are considering any type of bankruptcy. An experienced bankruptcy attorney at Diaz & Larsen, P.L.L.C. can answer all your questions about Chapter 7 in Salt Lake City. To schedule a free consultation to discuss your case and your financial situation with us, contact us today.
