Consumer Bankruptcy Lawyers in Provo, Utah

Find the right Consumer Bankruptcy attorney in Provo, UT

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Bankruptcy is a legal process allowing an individual or business to have some or all of their debt excused. It is almost always considered as a last resort because it can have some negative long-term consequences which must be considered, even if you eventually decide that they are outweighed by the benefits. Since it's a creation of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Utah will be the same as everywhere else in the country. Distinct courts in Provo, Utah will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Provo, Utah

In Provo, Utah, there are 2 commonly-used types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves a liquidation of some of the debtor's assets, which pays off part of his or her debt. Once this is done, the remaining debt is excused. Fortunately for debtors, many forms of property are exempt from liquidation, including homes, vehicles, necessary personal items, and retirement accounts.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is absolved. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Provo, Utah is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Provo, Utah

In Provo, Utah, Chapter 13 is substantially different from Chapter 7. Chapter 13 may or may not be the best choice for you; this depends on the facts of your specific situation. Chapter 13 bankruptcy does not absolve debt, it restructures it. This involves a court coming up with an adjusted repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original arrangements that created the debt in the first place. This creates a new payment structure, typically involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Provo, Utah

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your distinct situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

Of course, you should always seek the counsel of an accomplished local Provo, Utah bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your specific situation.

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Life in Provo

Provo is the seat of Utah County and third largest city in Utah. With 119,000 Utah residents, Provo is popular Salt Lake City professionals and winter vacation homes alike. Brigham Young University, the largest Missionary Training Center for the Church of Jesus Christ of Latter-day Saints, and the 2002 Winter Olympics' Peak Ice Arena are all located in Provo bringing a distinctly unique mix of people to the area. Provo is the second largest metropolitan area in Utah next to its close neighbor Salt Lake City that is just 43 miles North. Provo is also the seat of Utah County meaning it plays host to a number of different facilities such as the Utah County Courthouse. Many Utah lawyers call Provo home because it's home to so many courts and near to Salt Lake City. Provo lawyers can help you sort out whatever legal question or issue you may possess.

The annual Sundance Film Festival brings lots of people to Provo and showcases some of the best films of the year. Forbes rated Provo in the top 10 places to raise a family. Additionally, the city has been celebrated as one of the best places to retire, an enticing city to live and play, and National Geographic Adventure dubbed Provo a "cultural hub." The Provo City Library at Academy Square has an extensive selection of more than 280,000 media enclosed with the walls of the former Brigham Young Academy. It was built in 1892. The Covey Center for the Arts shows plays, operas, and other performances all year long. For business, the Utah County Convention Center hosts a lot of events like technology conventions and parties.