Consumer Bankruptcy Lawyers in Taylorsville, Utah

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

Chapter 7 Bankruptcy in Taylorsville, Utah

In Taylorsville, 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 Taylorsville, 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 Taylorsville, Utah

Chapter 13 Bankruptcy in Taylorsville, Utah differs considerably from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your 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 an extended 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 Taylorsville, 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, it would be a good idea to consult a local bankruptcy lawyer in Taylorsville, Utah. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Taylorsville

Taylorsville is situated in Salt Lake County, Utah. It was settled as early as 1848 and incorporated recently in 1996. It features a mix of old-style American culture with modern developments. Taylorsville has a growing population of about 59,000. The city is located in the center of what is known as Salt Lake Valley, about 15 minutes away from Salt Lake International Airport.

A defining characteristic of Taylorsville is the level of volunteerism that the community demonstrates. Hundreds of Taylorsville residents contribute their time and resources to local city committees, while thousands more are involved in city events and educational programs. Taylorsville citizens also consistently demonstrate a high level of political enthusiasm.

Taylorsville's economy is supported by the presence of numerous companies which enjoy many of the advantages the city has to offer, such as no franchise taxes. Tourists and visitors also add to the city's progress by visiting sites such as the Taylorsville/Bennion Heritage Center.

Taylorsville lawyers frequently visit the Taylorsville Justice Court when dealing with legal matters. Lawyers in Taylorsville, Utah reflect the city's atmosphere of community involvement and volunteerism.

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