Nobody plans to have to file for bankruptcy and we understand that doing so happens at a hard time in your life. Whether you personally are having financial trouble, or your small business is, we want to offer a helping hand through the process.
Chapter 7 bankruptcy can become a complicated process, but it doesn’t have to be. Yes, there will be a good bit of paperwork and creditors to deal with, so you may need a chapter 7 bankruptcy attorney in Salt Lake City. Justin M. Myers, Attorney-at-Law, LLC will ensure that you have knowledgeable and experienced help through every step.
Chapter 7
Chapter 7 bankruptcy is the most common form of bankruptcy and is usually the quickest type of bankruptcy available for individuals, married couples, corporations, and partnerships. The process is meant to alleviate your debt obligations while allowing you the chance to recover.
Sometimes debt can get out of hand and it’s not your fault. If the economy takes a downward turn, like it did in the late 2000’s, then you could be left in a situation where you can’t see the light at the end of the tunnel. Sometimes, the industry you work in takes a hit due to unexpected externalities such as tariffs, health concerns, or other uncontrollable factors.
When the income slows down, it can become impossible to pay your debts.
A Chapter 7 bankruptcy is started by filing an official petition which includes a statement of all of your financial affairs. You will need to list all of your assets and debts. This can get tricky because you need to include ALL of your creditors with their information included.
You will also list all of your property, even property you choose to exempt. The exemption is allowed because the courts recognize that it is not beneficial for someone to lose everything. Commonly exempt items include a home, vehicles, pensions, and personal belongings.
(Note: Those with a good bit of personal property, land, or a high income may not be able to exempt all of their property. Some of it may be sold to pay off creditors.)
Most people get to keep their property as part of a Chapter 7 bankruptcy filing. A filing is meant to HELP you get your life back on track, not hurt you.
What To Do
If you believe you need to file for bankruptcy to protect yourself and your family, you may need a bankruptcy attorney in Salt Lake City before proceeding. The process can get confusing and we don’t want you to miss steps and end up extending the process any longer than is necessary. When working with the courts, a trustee, and creditors, we don’t want you to get overwhelmed. We will also help you sift through the exemption process, explaining both federal and Utah exemption laws. Contact Justin M. Myers, Attorney-at-Law, LLC by clicking here or calling us at 801-505-9679. We will help you through the process step by step so you and your family are protected.
