How Does Chapter 7 Bankruptcy in Utah Work?
Utah Chapter 7 bankruptcy is a liquidation bankruptcy for individuals and businesses. Under Chapter 7 in Utah Bankruptcy Code, a trustee is appointed to examine and direct the financial affairs of the debtor. All non-exempt property is sold and the proceeds are distributed to creditors. Exempt assets are retained by the debtor. Any remaining debt is “discharged”, or forgiven, giving the debtor an opportunity for a fresh start.
Why Choose Vannova Legal fo Your Chapter 7 Bankruptcy?
Many attorneys only know how to file Chapter 7's and focus exclusively on that area of bankruptcy practice. For most clients, a Chapter 7 bankruptcy is the easiest and best option. For other clients, however, a Chapter 7 would lead to negative consequences. The attorneys at Vannova Legal are experienced in all areas of bankruptcy and have successfully confirmed Chapter 7, Chapter 13, and Chapter 11 cases. We understand the pitfalls and will counsel you accordingly. We will never blindly put you in a Chapter 7 bankruptcy liquidation because it is expedient.
And after we file, we are skilled to represent you through every step of the bankruptcy process and to handle the unexpected. Many firms only file your bankruptcy petition and represent you at creditor meetings, leaving you at a disadvantage if your case becomes complicated. Whether your case is simple or complex, you can be sure to receive cost-effective bankruptcy help from Vannova Legal bankruptcy attorneys in Arizona & Utah.
Benefits of Chapter 7 Bankruptcy in Utah
A Chapter 7 bankruptcy filing gives you the opportunity to completely eliminate your debt. Chapter 7 offers protection for your home, car and other types of exempt assets. Exemptions differ by jurisdiction, but in most Chapter 7 cases you are able to keep most if not all of your possessions. If you have valuable assets that are not exempt, a Chapter 13 or Chapter 11 bankruptcy may be more appropriate. Vannova Legal bankruptcy attorneys will help you determine if you have non-exempt assets and whether a Chapter 7 bankruptcy is right for you.