In a chapter 7 bankruptcy,
your trustee cancels out most, if not all of your debt, in the
condition that he may also liquidate some of your assets to pay off
your remaining creditors. This process costs a lot of time and money
(approximately $300 in filing and administrative fees over 6 months
or more of processing), though, so you might want to lean back and
consider your options before filing for one.
When filing for bankruptcy
in Utah, it is imperative to work with a highly experienced firm that
has helped numerous clients achieve debt relief through Chapter 7
bankruptcy. An experienced bankruptcy attorney will sit down with
clients to discuss their options and will often offer the initial
consultation for free. Be forthcoming about your questions so you can
get a clearer idea of what the whole process entails.
Keep in mind that you must
also meet certain eligibility requirements before you can file for
Chapter 7 bankruptcy in Utah. Among other things, you need to undergo
thorough briefing from an approved credit counseling agency.
Additionally, you should be able to prove that your income is indeed
insufficient to fund a repayment scheme and that no prior bankruptcy
petition was dismissed within 180 days prior to the date of filing.
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