"Chapter 7 Bankruptcy is not failure... Its your legal right to a Fresh Financial Start."
When you have trouble keeping up with your debts, its easy to feel overwhelmed. You want your life back. You want to pick up the phone and not be afraid that it is an angry bill collector on the other end. You have thought about bankruptcy but all you hear are bad things about it... and you worry about your future.
The truth is Chapter 7 bankruptcy is not failure. Its a chance at a fresh financial start. It's your legal right to shake off the chains of excessive debt that are holding you down and to begin again. I help hundreds of people every year in Utah relieve themselves of the financial challenges that are holding them back.
In order to make an informed decision about bankruptcy, you need to understand the benefits and limitations of each of your options, including bankruptcy and non-bankruptcy options. At my firm, I will personally meet with you to explain your options so that you understand your choices and make an informed decision.
In general, a chapter 7 bankruptcy, sometimes referred to a "liquidation bankruptcy," is the fastest and cleanest way to shed your debt and get a fresh financial start. However, you must meet certain requirements about the amount and nature of your debts and assets to qualify to file for a Utah chapter 7 bankruptcy protection.
A chapter 7 case begins with the debtor's filing a petition with the bankruptcy court. The petition is filed with the bankruptcy court serving the area where the individual lives or where the business debtor has its principal place of business or principal assets. In addition to the petition, the debtor is also required to file with the court several schedules of assets and liabilities, a schedule of current income and expenditures, a statement of financial affairs, and a schedule of executory contracts and unexpired leases. A husband and wife may file a joint petition or individual petitions.
The filing of a petition under chapter 7 "automatically stays" most actions against the debtor or the debtor's property. In most cases this stay arises by operation of law and requires no judicial action. As long as the stay is in effect, creditors generally cannot initiate or continue any lawsuits, wage garnishments, or even telephone calls demanding payments. Creditors normally receive notice of the filing of the petition from the clerk.
The Law Office of Douglas Barrett offers FREE initial consultations in consumer bankruptcy cases. Give us a call today to set up your consultation. 801-221-9911
Disclaimer: The information contained on this page is provided for general information purposes only and is not intended to be a legal opinion, legal advice or a complete discussion of the issues related to the area of consumer bankruptcy. Every individual's factual situation is different and you should seek independent legal advice from an attorney familiar with the laws of your state or locality regarding specific information.
The Law Office of Douglas L. Barrett, LLC is designated as a Federal Debt Relief Agency by an Act of Congress and the President of the United States. We are proud to assist good people in bad situations file for protection under the U.S. Bankruptcy Code.