Consumer Bankruptcy Lawyers in Sandy, Utah

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

Chapter 7 Bankruptcy in Sandy, Utah

In Sandy, 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 absolved. Fortunately for debtors, many types of property are exempt from liquidation, including homes, vehicles, basic personal items, and retirement accounts.

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

Chapter 13 Bankruptcy in Sandy, Utah

Chapter 13 Bankruptcy in Sandy, Utah is very different from Chapter 7. Whether or not it is a better option is highly dependent on the facts of each particular case. Chapter 13 bankruptcy does not excuse debt, it restructures it. This involves a court coming up with an altered repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original contracts that created the debt in the first place. This creates a new payment structure, normally involving a single monthly payment, that the debtor should find manageable.

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

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

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

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Life in Sandy

Sandy, Utah is a city in Salt Lake County. It has a population of about 96,000 people, making it the fifth-largest city in Utah. It is generally considered a suburb of Salt Lake City, but definitely has its own character. Sandy, Utah saw its first major economic boom in the mid 1800s, when it became a center for mining. Its economy remained stable for a very long time, until the 1960s, when rapid growth again took place, giving it its current character.

Sandy, Utah has developed a thriving commercial center that runs along a few of its main streets, and has many locally-owned businesses, such as retailers and restaurants. Sandy is largely considered a bedroom community for Salt Lake City, and this is a somewhat accurate comparison.

Many residents of Sandy do work in the larger Salt Lake City, which is a major economic center for the region, and for them, Sandy could be viewed asa "bedroom community" - a city or town which is almost entirely residential, with the main purpose of its existence being a place to live for people who work in a larger nearby city.

If you live in Sandy, Utah and need an attorney, you won't have much trouble finding one. Sandy, Utah lawyers are able to handle just about any case that a resident of Sandy might face.

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