Chapter 7 Bankruptcy Attorney, Salt Lake City
Chapter 7 bankruptcy can be a good option for people who have excessive amounts of unsecured debt and are finding it difficult to keep up with the minimum payments. Unsecured debt is any debt that is not backed by any type of collateral. Examples of unsecured debt include credit cards and medical bills.
One of the main advantages of a Chapter 7 bankruptcy is the relatively short time it takes to complete the process. Some Chapter 7 filings can be completed in as little as 120 days where a typical Chapter 13 filing can take up to five years. The main disadvantage to Chapter 7 bankruptcy is that you may be at risk of losing some of your personal property in order to repay your creditors.
Getting You Back on Track
One of the most common misconceptions about Chapter 7 bankruptcy is that you will lose everything you own. The purpose of the law is not to wipe you out completely so your creditors can get paid. The purpose of the law is to give you the debt relief you need so you can move on with your life. Bankruptcy law allows you to keep certain critical property necessary to live a normal life, including a home, car, household goods and tools of your trade.
Chapter 7 can involve the liquidation of certain nonexempt property to repay your debt to creditors. The trustee will look for assets that can be sold at auction in order to raise funds for repayment. If your trustee decides that you don't have any property that can be sold, your bankruptcy would be declared a "no asset" case. In a no asset case, you would lose no property and would move directly to the discharge phase of the proceeding.
At the Salt Lake City, Utah based law office of Justin M. Myers, Attorney-at-Law, LLC, we have helped many clients obtain the debt relief they needed to get back on the right financial path. We dedicate our entire practice to bankruptcy law and we work diligently to see that the entire process goes smoothly.
Schedule Your Free Initial Consultation
Contact our office today to discuss your bankruptcy questions with a lawyer. We are available during regular business hours and by appointment evenings and weekends. You can reach us by phone at 888-811-7784 or via e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
