Find a Bankruptcy Lawyer in West Valley, Utah

Find the right Bankruptcy attorney in West Valley, UT

Bankruptcy in West Valley, Utah is a court proceeding which allows an individual or business who is drowning in debt to be discharged of their legal requirement to pay off some or all of their debt. Hopefully, this will allow both the debtor and creditors to move on with their lives. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal requirement. It is designed to prevent debt which has slight chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.

Accordingly, you should speak with a good West Valley, Utah bankruptcy lawyer. Your West Valley bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional evaluation as to whether or not it's a good option, given your specific circumstances.

Types of Bankruptcy in West Valley, Utah

In West Valley, Utah, there are three basic bankruptcy schemes that are most frequently used. They are identified as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in West Valley, Utah will be very similar to those in any other part of the United States. Chapter 7 bankruptcy involves liquidation of part of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is done, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and various classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other typical bankruptcy scheme used by consumers in West Valley is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the arrangements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is authorized, creditors are not allowed to attempt to collect payment under the original agreements. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being enforced, this plan must be approved by a majority vote of participating creditors.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operating, and to trade its stock.

How Can a West Valley Bankruptcy Lawyer Help?

Filing for bankrtuptcy in West Valley 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 West Valley bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in West Valley

West Valley, Utah is a city in Salt Lake County, Utah. It has a population of about 130,000 people, and is a suburb of Salt Lake City, the largest city in Utah, and the state capital.

West Valley, Utah is largely a bedroom community, meaning it is a residential area, populated in large part by professionals, such as lawyers, who commute to Salt Lake City for their jobs.

The area around West Valley, Utah is one of the fastest-growing (both in terms of population and economy) areas in the United States. For this reason, people are coming from all over the country to West Valley, Utah to pursue careers as doctors, accountants, business executives, lawyers, etc.

So, there are a very large number of lawyers in West Valley, Utah with very sophisticated practices. If you live in West Valley, and are in need of a good attorney, chances are there's a good West Valley, Utah lawyer who can help you with your legal issue.

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