Are you familiar with Chapter 7 bankruptcy law in Utah? It is a liquidation proceeding where the debtor’s real or personal properties are taken under the custody of law and later sold to satisfy the claims of the creditors. In all bankruptcy options, Chapter 7 bankruptcy is the simplest procedure, providing for the fastest relief while affording protection to various types of debtors that includes private individuals, married couples, partnerships, and corporations.
Chapter 7 bankruptcy proceedings are initiated by the filing of a verified petition. This filing is accompanied by the debtor’s statement and schedules of financial affairs. As part of the requirement to make a detailed account of his financial history, the debtor is also required to make an inventory of all his assets and list down all outstanding obligations. This partakes the most crucial and time-consuming aspect in the Chapter 7 bankruptcy filing.
As mentioned above, the schedules refer to the list of creditors as well as their mailing addresses. The debtor is also required to indicate the amount of debts about each creditor. In certain cases, the debtor may also be required to indicate which debts are non-dischargeable or which ones he intends to reaffirm.
The debtor is also required to prepare the schedule of properties he owns or has an interest therein. In addition, he shall indicate if such properties are being used to secure other financial obligations. More importantly, he shall indicate the fair market value or selling value of each property he enumerated in the schedule. Under Chapter 7 bankruptcy law in Utah, property pertains to any valuable asset, whether real or personal; the term is not limited to lands, buildings, or similar real properties.
Under the penalty of perjury pursuant to Chapter 7 bankruptcy law in Utah, the debtor shall sign his verified petition as well as other pertinent statements and schedules. These legal documents shall be filed in the Chapter 7 bankruptcy court of the place where the debtor resides for the greater part of the 180 days immediately preceding such filing. In case of a corporation or partnership, in the bankruptcy court of the place where the principal office is situated.
For purposes of Chapter 7 bankruptcy proceedings, the rights and obligations of the debtor and his creditors are those that exist at the time of the filing of the verified petition and pertinent statements. Upon such filing, an automatic stay takes effect, which bars the creditors from collecting or enforcing their claims against the debtor.
If you are considering on filing a bankruptcy petition, get in touch with Justin Myers Attorney-at-Law. For all bankruptcy proceedings that we handle, we do not require the payment of attorney’s fees upfront.
We understand that our clients may be in a state of financial difficulty. To his end, we offer a zero-down-payment option, which allows them to pursue court action without having to worry about paying hefty attorney’s fees. However, we may require our clients to pay the court docket and other legal fees as part of the filing requirement.
At Justin Myers Attorney-at-Law, we will help you with your financial predicament. If you want to schedule your free one-on-one consultation, please call us at (801) 505-9679 and tell us about your case.