Personal Bankruptcy in Utah – An Overview
This article will help you understand a little about personal bankruptcy in Utah and what options you as a debot may have under current personal bankruptcy law. My firm has handled more personal bankruptcies than all but a select few attornies in the state of Utah. If you are experiencing traumatic debt load I would invite you to give me a call. I can lay out the options for you to save as many assets as possible and get relief from creditors and collection agencies immediately.
The Two Major Types of Personal Bankruptcy
Personal bankruptcy is the process whereby individuals, rather than corporations or other entities, file bankruptcy and seek relief from their debts. Personal bankruptcies are generally handled under either Chapter 7 of the Bankruptcy Code or under Chapter 13.
Chapter 7 bankruptcies are “liquidations” or bankruptcies where the debtor assigns their assets to a trustee who oversees the distribution of those assets to creditors to satisfy the debts owed.
Chapter 13 is a “reorganization” bankruptcy and involves a debtor reorganizing their debts, generally leading to a much smaller monthly payment, based on their current income. In both cases the ultimate goal for a debtor is a complete discharge of the debt once the bankruptcy process is complete.
The Benefits of a Personal Bankruptcy
With a personal bankruptcy a debtor can take advantage of many benefits offered under bankruptcy law. The following are some of the benefits you can utilize when filing for bankruptcy.Stop Foreclosure – Under bankruptcy law, when you meet the proper criteria, you will be able to stop a foreclosure that is underway. This means that you will not have the threat of foreclosure looming over your head while you are working out the terms of your bankruptcy with the court and trustee.
Stop Wage Garnishment – Once you are under bankruptcy protection, and if you meet the requirements, you will be able to stop garnishment actions that have been taken against you and free your income to be put to the best use possible in working towards your financial stability.
Stop Repossessions and Even Recover Repossessed Vehicles – A bankruptcy may allow you to stop your vehicles from being repossess and may even allow you to recover a vehicle that has already been taken from you under repossession.
Reduce Unsecured Debt – Debt that is unsecured, or not tied to a specific asset – can be reduced in amount or in many cases simply eliminated.
Retain Exempt Assets Like Homes and Other Property – When you apply for bankruptcy you will lay out the entirety of your possessions. The court will determine those assets you can keep under the terms of the bankruptcy. A good bankruptcy attorney can do wonders for you here maximizing the assets you are able to retain.
Call Me If You Are Considering a Personal Bankruptcy in Utah
Overall, a personal bankruptcy just might be the right avenue for you if you are really feeling the weight of monthly payments and struggling to keep above water. I encourage you to call me right away and we’ll get started towards your financial freedom and getting your life back on track.
