Consumer Bankruptcy Lawyers in West Valley, Utah

Find the right Consumer Bankruptcy attorney in West Valley, UT

Bankruptcy allows an individual or business to get rid of some or all of its debt. Usually, bankruptcy should only be considered when the debt is completely unmanageable, impossible to pay off, and there are no other options. However, in some cases, the benefits of bankruptcy can considerably outweigh the costs. Bankruptcy is controlled by federal law and handled in federal courts, so the procedural and substantive rules involved in Utah are often the identical as everywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local West Valley, Utah bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in West Valley, Utah

There are 2 typical types of consumer bankruptcy in West Valley, Utah: Chapter 7 and 13. Chapter 7 liquidates part of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many forms of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and necessary personal items, like clothing. These assets are not available to creditors.

Once appropriate assets are sold, and the money turned over to the creditors, most remaining debt is excused. However, there are certain types of debt that cannot be excused in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in West Valley, Utah.

Chapter 13 Bankruptcy in West Valley, Utah

Chapter 13 bankruptcy in West Valley, Utah is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your specific case. Chapter 13 does not excuse debt, but restructures it instead. Typically, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is typically manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in West Valley, Utah

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

Whatever your situation, you should speak with a local West Valley, Utah bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely results, which will help you make a more educated decision.

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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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