Consumer Bankruptcy Lawyers in Cedar City, Utah

Find the right Consumer Bankruptcy attorney in Cedar City, UT

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt absolved. 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. Particular courts in Cedar City, Utah will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Cedar City, Utah

In Cedar City, Utah, there are 2 commonly-used types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 involves liquidation of part of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This normally includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once the qualifying property is sold, and the funds transferred to the creditors, the dischargeable debt is cleared. Some forms of debt, however, can't be absolved in Chapter 7 Bankruptcy in Cedar City, Utah. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be absolved, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Cedar City, Utah

Chapter 13 Bankruptcy in Cedar City, Utah is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each particular case. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the contracts that gave rise to the debt in the first place. This results in an altered payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

Which Type of Consumer Bankruptcy Should I File in Cedar City, Utah

Chapter 13 is normally a good option for people who have a stable income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a stable income, Chapter 7 might be more beneficial.

Whatever your situation, you should speak with a local Cedar City, Utah bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely outcomes, which will help you make a more educated decision.

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Life in Cedar City

Cedar City, Utah is a community of about 28,000 people located in Iron County.

Rock art dating from the years 1000 to 1300 AD has been found around Cedar City, indicating that humans have lived in the era since prehistory. The first Americans of European descent to settle the area were a group of Mormon pioneers, who arrived in 1851. For a brief period after this initial settlement, an ironworks operated in Cedar City, but closed in 1858. However, iron mining remained an important industry in Cedar City well into the late 20th Century.

In 1923, a railroad connection to the city was completed, allowing Cedar City, Utah to serve as a gateway for tourists visiting the area's several national parks, such as Zion National Park, Grand Canyon National Park, and Bryce Canyon National Park. This lead to rapid growth of the city, because, during that time, Americans were beginning to see the value of preserving wilderness, and the number of visitors to national parks was skyrocketing.

Cedar City, Utah remains a major hub for visitors to these national parks, and other nearby points of interest, to this day.

Cedar City, Utah lawyers are well-equipped to handle a wide variety of legal problems that an ordinary person is likely to face. However, you shouldn't take that to indicate that any case is too big for the lawyers of Cedar City, Utah, either.

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