Consumer Bankruptcy Lawyers in Salt Lake City, Utah

Find the right Consumer Bankruptcy attorney in Salt Lake City, 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 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 Salt Lake City, Utah will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Salt Lake City, Utah

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

Chapter 13 Bankruptcy in Salt Lake City, Utah

Chapter 13 Bankruptcy in Salt Lake City, Utah is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each distinct case. 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 Salt Lake City, Utah

The answer to this question depends strongly on your distinct situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

In any case, you should talk with a local Salt Lake City, Utah bankruptcy lawyer. Your lawyer can advise you of your options and inform you of their likely result. This will make it much easier for your to make an informed choice.

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Life in Salt Lake City

Salt Lake City, Utah is the capital of, and largest city in, the state of Utah. It is also the county seat of Salt Lake County. It has a population of about 180,000 people in the city proper, and its greater urban area has a population of over 2 million people. Salt Lake City was established as the center of Mormon settlement in the Utah Territory, with the first permanent settlement being established in 1847. Disputes quickly sprung up between the settlers and the federal government, largely over the former Mormon practice of polygamy (marrying multiple wives to a single man), which the religion was believed to encourage or mandate at the time. As part of an agreement to end these disputes, Utah (and the Mormon Church) banned polygamy, as a condition of Utah's admission to the Union. Modernly, Salt Lake City is a thriving medium-sized city, and it is one of the main population and economic centers in the Mountain West. Its economy is largely service-based. Utah is known for having some of the best skiing conditions in North America, so winter tourism is a major sector in the local economy. If you live in Salt Lake City, Utah, and need an attorney, it's very likely that you'll be able to find one who's right for you. Salt Lake City, Utah lawyers are used to handling a wide variety of cases, with great variation in sophistication.

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