Find a Bankruptcy Lawyer in Tooele, Utah

Find the right Bankruptcy attorney in Tooele, UT

In Tooele, Utah, bankruptcy is a judicial process in which the debts of a person or business can be cleared or restructured. This allows the debtor to climb out of a financial hole, and move on with a clean slate, which is often more economically useful than requiring the debtor to pay off everything they owe. Bankruptcy should be treated as an option of last resort, and should not be viewed as a fitting way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to acquire loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).

Therefore, it is a good idea to talk with an veteran bankruptcy lawyer in Tooele, Utah. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each distinct case, the counsel of a Tooele bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Tooele, Utah

In Tooele, Utah, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a result of federal law, the procedures governing bankruptcy in Tooele, Utah will be similar everywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the funds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the appropriate property is sold, and the proceeds directed to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will typically be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other form of bankruptcy most frequently used in Tooele is Chapter 13. It allows a person to pay off their debt over an extended period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while slowly paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Chapter 11 bankruptcy is almost always used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, fix their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operating, and its stock can continue to be traded.

How Can a Tooele Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Tooele is an influential decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Tooele bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Tooele

Tooele is located in Tooele County, Utah, and has a population of about 30,000 people. It was settled as early as 1851 and is the location of several high-profile private and government facilities.

Tooele goes by the nickname of "Utah's Brightest Star". It is known for being a place where many artists and talented persons can showcase their skills and crafts. In particular, artists flock to Tooele every June to attend the Tooele Arts Festival. This is a three-day event featuring displays in painting, ceramics, sculpting, jewelry making, and other arts and crafts. The Tooele County Fair is also a popular event for the arts and recreation.

Sports also contribute to Tooele's economy and development. The Miller Motorsports Park is located in the city and is considered the finest Motorsports facility of its kind in North America. The facility hosts several important racing tours such as the NASCAR Grand National West Series, the American Le Mans Series, and several Superbike events.

Tooele lawyers are equally as bright as the community they serve. Lawyers in Tooele, Utah assist their clients in legal matters that require expert advice and knowledge. Most cases arising in Tooele are filed at the Tooele County Justice Court.

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