Chapter 7 Bankruptcy

Should I File for Chapter 7 Bankruptcy?

Chapter 7 bankruptcy may result in getting rid of all of your debt.
Debt can be a prison, but a chapter 7 bankruptcy actually allows you to discharge nearly all of your debts.

Chapter 7 bankruptcy is what is known as a liquidation proceeding because if you qualify the court can discharge nearly all of your unsecured debts and give you a fresh start.  Accumulation of excessive debt can happen to the best of us and our lawyers are standing by to help.

The Chapter 7 Bankruptcy Process

The first part of the bankruptcy process is to determine whether you qualify.  A Salt Lake City Bankruptcy Lawyer at Salcido Law Firm can help you determine whether you qualify so give us a call at 801.413.1753 today.

Once you determine that you qualify your Salcido Law Firm attorney will gather the needed information concerning your assets, liabilities, income, living expenses and what property you have owned and sold and money you have spent over the period of the last two years.  We will then file a petition for bankruptcy on your behalf.  The court charges $299 to file the bankruptcy petition.

Everything is Automatically Stayed

Once your Salcido Law Firm attorneys file a bankruptcy petition on your behalf nearly all proceedings and bill collections against you must automatically cease.  This means that if you are being sued for payment owed, the lawsuit ceases.  It also means that your bank must cease any foreclosure action against you and your credit card companies can no longer call demanding payment.

The automatic stay is one reason to make sure you file for Chapter 7 bankruptcy sooner rather than later.  The moment you file, your creditors must leave you alone and work through the bankruptcy procedure.

More information regarding a chapter 7 bankruptcy can be found on one of the following pages:

Chapter 7 Qualifications for Individuals
Benefits for Married Couples Filing Joint Bankruptcy
What Do I Lose in Bankruptcy?

What Happens After the Petition is Filed and the Stay is in Place?

Once the bankruptcy petition is filed and the automatic stay takes effect, you can generally look forward to having your Utah Chapter 7 bankruptcy case resolved in about 90 days.  The court will hold what is called a “creditor’s meeting” or “meeting of creditors.”  You will be required to attend that meeting.  In most cases the meeting only takes a few minutes and is nothing more than a formality.  At the meeting the bankruptcy trustee will ask you various questions to make sure you provided all of the required information on your bankruptcy petition.

After the creditor’s meeting the court will liquidate all of your non-exempt assets, which will then be sold, and the proceeds used to pay your creditors.

We Can Help

Let us help you through the Chapter 7 process.  Call us at 801.413.1753 or 888.337.3235 for a free consultation and one of our Utah Bankruptcy Attorneys will discuss with you your options for filing for Chapter 7 bankruptcy.