Consumer Bankruptcy Lawyers in Spanish Fork, Utah

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

Chapter 7 Bankruptcy in Spanish Fork, Utah

In Spanish Fork, 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 absolved. Fortunately for debtors, many forms 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 forms of debt, however, can't be absolved in Chapter 7 Bankruptcy in Spanish Fork, 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 Spanish Fork, Utah

Chapter 13 bankruptcy in Spanish Fork, Utah is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your individual case. Chapter 13 Bankruptcy involves a court setting up a revised payment plan, which allows the debtor to pay off most or all of his debts over a prolonged period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

Which Type of Consumer Bankruptcy Should I File in Spanish Fork, 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.

Regardless of your situation, you should speak with an attorney in Spanish Fork, Utah who is accomplished 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 Spanish Fork

With fourteen parks, ten tennis courts, and eight playgrounds, Spanish Forks Utah is one very active city. Named after a nearby river, Spanish Forks was first founded by missionaries. Spanish Forks is now home to 32,000 residents. Spanish Forks is located in Utah County, and has a city manager form of government.

Spanish Forks is home to major events throughout the year including: The Wind Festival, Fiesta Days, Festival of Lights, and the Harvest Moon Hurrah. The annual festivals draw visitors from near and far. Spanish Forks is also a very religious city, with a heavy concentration of Latter Day Saints, a religion that was first established in the region in 1855.

In addition to many other talented professionals, Spanish Forks is also home to some great lawyers. Spanish Forks lawyers are skilled in a wide range of practice areas and available to help their local client with any legal issue he or she may be facing.

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