Consumer Bankruptcy Lawyers in Orem, Utah

Find the right Consumer Bankruptcy attorney in Orem, UT

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 ultimately decide that they are outweighed by the benefits. Since it's a product of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Utah will be the same as anywhere else in the country. Distinct courts in Orem, Utah will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Orem, Utah

In Orem, Utah, there are 2 commonly-used forms 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 types 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 types of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Orem, Utah is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Orem, Utah

Chapter 13 Bankruptcy in Orem, Utah differs considerably from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not excuse debt, but restructures it instead. Typically, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is typically manageable, as long as the debtor can make some sacrifices.

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

Which Bankruptcy type to file under depends heavily on the facts of each distinct case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

Regardless of your situation, you should speak with an attorney in Orem, Utah who is experienced in bankruptcy before making a decision. They will be able to advise you of your options, and the likely results of each one, allowing you to make a much more informed decision.

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Life in Orem

Orem, Utah is a city of about 93,000 people, located in Utah County.

Orem has nicknamed itself "Family City USA," and, living up to this moniker, it was named by Forbes Magazine as one of the 10 best places in the United States to raise a family. Orem, Utah was named after Martin C. Orem, a railroad magnate who operated a railroad in the area, and served as an early catalyst for its economic growth. Orem was formally incorporated as a town in 1919.

For most of its history, Orem was a small agricultural community. However, the years following World War Two saw booms in the nation's economy, population, and standard of living. This led to a huge amount of farm land giving way to residential developments.

Modernly, Orem, Utah's economy is largely based around Utah Valley University, which is the second-largest public university in Utah, with over 28,000 undergraduates. Orem is also home to many local businesses, as well as regional offices of larger corporations, creating a varied job market.

If you live in Orem, Utah and need an attorney, you're in luck. There's probably at least one Orem, Utah lawyer who can handle your particular legal issue, no matter what area of law is involved. If you need legal advice, you should contact an Orem, Utah lawyer immediately.

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