Chapter 7: The Basics

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Nobody wants to file bankruptcy. But, people can be left with few other options. Whether the problems stem from medical bills, credit card debt, divorce, pay day loans, repossessions, lawsuits or judgments, doing nothing can make a bad situation even worse . . . quickly. Many clients tell me that they’re simply tired of robbing Peter to pay Paul. If this sounds like your situation, you may want to consider bankruptcy.

The most common type of bankruptcy is a chapter 7 case, which is described as a “liquidation” proceeding. The objective of a Chapter 7 bankruptcy is to eliminate (or “discharge”) as much debt as possible while protecting as many of your assets as the law allows. My clients are usually shocked when I tell them that they might be allowed to keep most, if not all, of their property including cars, retirement accounts, cash, household goods and furnishings. The entire process can take as little as 4 to 6 months. The filing of a Chapter 7 bankruptcy case almost always provides immediate relief. As soon as your bankruptcy case has been filed, creditors are automatically forced by law to immediately stop:

  • Garnishments
  • Foreclosure
  • Lawsuits
  • Repossessions
  • Harassing phone calls

In a Chapter 7 bankruptcy there are NO PAYMENTS to your creditors, unless there is a debt that you decide you want to keep paying.

If you would like more information or are interested in a free consultation, take the next step. We are one of Utah’s best consumer bankruptcy firms and we would be happy to help you any way we can. Get yourself headed in the right direction. We have helped hundreds of Utahns just like you. Chapter 7 bankruptcy is not a failure . . . it’s a FRESH START.