How a Salt Lake City Bankruptcy Attorney Can Help

Countless people throughout Utah are struggling with debt. Many who are in need of debt relief choose to forego their rights under bankruptcy law because they find the whole process of filing for bankruptcy too confusing. While there are steps involved, bankruptcy can be a fairly straightforward process with the proper guidance.

At the Salt Lake City law office of Justin M. Myers, Attorney-at-Law, LLC, we are there with you through the entire process. Each client is different and has their own unique set of issues, questions and concerns. We have put together a brief summary of what you can expect during an individual bankruptcy proceeding.

Whether you choose to file for Chapter 7 or Chapter 13 bankruptcy in Salt Lake City, the following steps will occur in every case:

• You will need to attend credit counseling with an accredited counseling agency.
• A bankruptcy petition — with supporting documentation about your assets, debts, income and expenses — will be filed with the court.
• You and your attorney will attend a creditors meeting where you will be put under oath and answer questions from your trustee and creditors about your financial affairs.

Chapter 7 Bankruptcy

Before your bankruptcy petition is filed, you will need to take a means test to see if you qualify for Chapter 7 bankruptcy. The means test measures your disposable income against that of other Utah citizens and ensures that your application for bankruptcy is not an abuse of the system.

After the creditors meeting has been completed, the trustee will identify your exempt property and your nonexempt property. Your nonexempt property may be sold at auction and the funds used to repay your creditors. If your trustee decides that none of your property can be sold, you would lose nothing.

After the funds, if any, have been distributed to your creditors, you will receive a discharge and will no longer have any personal responsibility for those debts.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy involves the repayment of debt over a three to five year period according to a court approved repayment plan.

Along with a bankruptcy petition and supporting documentation, people filing for Chapter 13 bankruptcy will also need to include a preliminary repayment plan which is usually developed during credit counseling.

After the creditors meeting you will attend a meeting to confirm your repayment plan.

Once your repayment plan has been successfully completed, you will receive a discharge of your debts.